Avalanche Foundation Debuts Visa Crypto Spending Card

A Visa cryptocurrency card has been released by the Avalanche Foundation, a nonprofit that created the blockchain and cryptocurrency platform Avalanche.

One credit card connected to a “self-custody wallet and unique address per asset” is the Avalanche Card.

On October 21, Avalanche announced the release of the Avalanche Card, a new Visa card that enables cryptocurrency spending on X.

The post states that Circle’s USD Coin USDC$1.00 stablecoin, Wrapped AVAX (WAVAX), BENQI Liquid Staked AVAX (sAVAX), and other cryptocurrency will be supported by Avalanche’s new Visa card.

According to the foundation, users can spend their cryptocurrency “anywhere Visa is accepted” using the Avalanche Card, which will be available physically and virtually.

Self-custody wallet connected to the Avalanche Foundation’s Card

The Avalanche Card website states that the credit card is associated with a “unique address per asset and self-custody wallet.” User activity is “not reported to the credit bureaus,” according to the card’s description.

According to the website, Rain Liquidity, a provider of financial technology services, offers the Avalanche Card even though the Avalanche Foundation has introduced it.

According to the card’s information, Rain Liquidity and the Avalanche Card are not banks or covered by the Federal Deposit Insurance Corporation.

“The Avalanche Card is issued by partners licensed in their respective jurisdictions. Cryptocurrency is not legal tender and may lose value.”

Among the first regions to get help were Latin America and the Caribbean.

According to the Avalanche Card’s website, people who live in Latin American and Caribbean nations will be the first to be eligible for the card.

The website states that regardless of where they live, “citizens or residents of Cuba, Venezuela, Nicaragua, Russia, North Korea, Syria, Iran, along with the regions of Crimea, Luhansk, and Donetsk are not eligible to sign up.”

While requesting that users consult the whole list of card and service fees included in the card’s conditions, the card information also stated that there is no spending cost associated with the Avalanche Card.

Crypto payment cards were first introduced in cryptocurrency, according to Cointelegraph. Bitcoin and other cryptocurrencies can be spent straight from self-custody using certain cards. Tangem’s Visa card is one such option; according to the issuer, it enables direct cryptocurrency transfers from the self-custodial wallet.