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Avalanche has launched the Avalanche Card, a loadable debit card that allows users to make purchases using their crypto assets where Visa is accepted. The card will initially be available to Latin American and Caribbean residents, excluding specific regions and countries.
Avalanche Introduces New Crypto Visa Card for Latin America and the Caribbean
The Avalanche Card offers both physical and virtual options, providing users with the flexibility to spend cryptocurrencies such as wrapped avalanche (WAVAX), usd coin (USDC), and staked avalanche SAVAX at any merchant that accepts Visa. Users will also receive a self-custody wallet with unique addresses for each crypto asset. The card operates as a credit or bank card but does not report activity to credit bureaus. The terms and conditions agreement says it is not FDIC insured, as cryptocurrencies are not considered legal tender.
The card will be available to residents of countries in Latin America and the Caribbean, with some exceptions. Citizens of sanctioned nations, including Cuba, Venezuela, and North Korea, as well as individuals from regions like Crimea and Donetsk, are not eligible to apply. The release says Avalanche Card users are advised to consult with tax professionals, as spending against certain assets, such as USDC, may not have tax implications, while other crypto transactions could be taxable.
Avalanche Card is issued by Rain Liquidity, a financial technology company, and powered by Rain. The company emphasizes that neither it nor Avalanche acts as an asset custodian; users retain ownership of their assets via a self-custody solution. The card does not charge fees for spending, but a full list of card and service fees is available through the card’s terms and conditions.
With the launch of the Avalanche Card, the project is attempting to strategically position itself in the growing intersection of cryptocurrency utility and traditional financial services. By enabling users in Latin America and the Caribbean to directly spend their crypto holdings through a familiar Visa-enabled platform, Avalanche believes it not only simplifies digital transactions but also potentially enhances the adoption and practical usage of cryptocurrencies in everyday commerce.