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Avalanche Foundation Debuts Visa Crypto Spending Card
The Avalanche Foundation has launched a Visa cryptocurrency card, offering a new way for users to spend crypto with ease. Announced via X on Oct. 21, the card is available in both physical and virtual formats, allowing holders to use their crypto assets anywhere Visa is accepted.
This card supports several major digital currencies, including Circle’s USD Coin (USDC), Wrapped AVAX (wAVAX), and BENQI Liquid Staked AVAX (sAVAX), providing users with flexible options for managing their crypto spending.
A key feature of the Avalanche Card is its integration with a self-custody wallet, ensuring that each asset has a unique address. According to the card’s website, no user activity is reported to credit bureaus, emphasizing privacy.
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Though introduced by the Avalanche Foundation, the card itself is issued by Rain Liquidity, a financial technology service provider. Notably, neither Avalanche nor Rain Liquidity are banks, and the card is not insured by the Federal Deposit Insurance Corporation (FDIC), reminding users that cryptocurrency is not legal tender and may fluctuate in value.
Latin America and the Caribbean to Benefit First
The card’s availability will first extend to residents of countries in Latin America and the Caribbean, targeting regions where crypto usage has been growing rapidly. However, individuals from certain countries and regions, including Cuba, Venezuela, Russia, North Korea, and others, are excluded from signing up, regardless of where they currently live.
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Additionally, the card boasts no spending fees, though users are advised to review the terms for a full breakdown of potential service charges. As cryptocurrency adoption continues to rise, the launch of the Avalanche Card positions the Avalanche Foundation to play a significant role in bridging the gap between traditional finance and the growing world of decentralized assets.
This article has been refined and enhanced by ChatGPT.
