The Avalanche Foundation has launched a Visa-powered card that allows users to spend cryptocurrency at traditional merchants.
What is the Avalanche Card?
The Avalanche Card is a crypto-powered payment card created in partnership with liquidity provider Rain. It allows users to spend their digital assets anywhere Visa is accepted. Available as a physical and digital card, it supports AVAX, Wrapped AVAX (wAVAX), USDT, and USDC at launch. Crypto funds are converted into fiat when transactions are processed.
Why the Avalanche Card Matters
The card provides financial freedom in regions with limited banking access, such as Latin America, Africa, and Southeast Asia. It enables users to bypass traditional banking restrictions and use their crypto holdings for everyday transactions. However, due to regulatory restrictions, some regions like Cuba, Venezuela, and Russia are excluded.
How the Avalanche Card Works
The Avalanche Card operates like a credit card. Users load the card with crypto, setting their spending limit at 50% of its USD value. The crypto isn't sold instantly; transactions accumulate and are settled daily. This model maximizes asset value by avoiding inopportune sales due to market fluctuations.
The Avalanche Card offers a new way for users to utilize cryptocurrency in real-life scenarios, providing an alternative financial solution for many regions.
