The Avalanche Foundation, the nonprofit organization behind the cryptocurrency and blockchain platform Avalanche, has introduced a Visa cryptocurrency card.
Avalanche took to X on Oct. 21 to announce the launch of the Avalanche Card, a new Visa card allowing users to spend cryptocurrency.
According to the post, the new Visa card by Avalanche will feature support of Circle’s USD Coin (USDC) stablecoin, Wrapped AVAX (wAVAX), BENQI Liquid Staked AVAX (sAVAX) and others.
Source: Avalanche Foundation
The Avalanche Card will come both in physical and virtual form, allowing users to spend their crypto “wherever Visa is accepted,” the foundation stated.
Avalanche Card linked to self-custody wallet
According to the Avalanche Card’s website, the credit card is linked to a “self-custody wallet and unique address per asset.” The card’s description notes that user activity is “not reported to the credit bureaus.”
The website says that while introduced by the Avalanche Foundation, the Avalanche Card is offered by Rain Liquidity, a provider of financial technology services.
Source: Avalanche Card
The card’s details also indicate that the Avalanche Card and Rain Liquidity are not banks and are not insured with the Federal Deposit Insurance Corporation, adding:
“The Avalanche Card is issued by partners licensed in their respective jurisdictions. Cryptocurrency is not legal tender and may lose value.”
Latin America and the Caribbean among the first supported jurisdictions
The Avalanche Card’s website specifies that it will initially be available to individuals who are residents of countries in Latin America and the Caribbean.
“Residents or citizens of Cuba, Venezuela, Nicaragua, Russia, North Korea, Syria, Iran, along with the regions of Crimea, Luhansk and Donetsk are not eligible to sign up regardless of where they reside,” the website notes.
Related: Wirex Pay launches non-custodial crypto payments
The card’s details also mentioned that there is no spending fee with the Avalanche Card while asking users to refer to the full list of card and service fees included in the card’s terms.
As reported by Cointelegraph, the cryptocurrency industry has previously seen the introduction of crypto payment cards. Some cards allow users to spend cryptocurrencies like Bitcoin (BTC) directly from self-custody. One such solution is Tangem’s Visa card, which the issuer claims allows one to send crypto directly from the self-custodial wallet.
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