On October 22, 2024, the Avalanche Foundation, which supports the development and operations of Avalanche (AVAX), announced the launch of the Avalanche Card, a cryptocurrency payment card that can be used at any Visa merchant.
The Avalanche Card is a payment card that allows users to make purchases with cryptocurrency at Visa-affiliated stores. A key feature of the card is that it enables users to manage their cryptocurrencies themselves while using them for payments.
Through a dedicated smartphone app, users can self-manage their cryptocurrencies, including popular tokens like WAVAX, USDC, and sAVAX. The card is available in both physical and virtual formats, and it's worth noting that transaction history is not reported to credit bureaus.
Currently, users can register on a waitlist via the official Avalanche Card website. The service will initially be offered to residents of Latin America and the Caribbean.
However, certain regions, including Cuba, Venezuela, Nicaragua, Russia, North Korea, Syria, Iran, Crimea, Luhansk, and Donetsk, are excluded from this service regardless of residency.
The Avalanche Card is issued by fintech company Rain Liquidity, and the card is distributed through licensed partners in each jurisdiction where the service is available.
While there are no usage fees for the card, it is important to note that the card is not covered by FDIC insurance. Furthermore, users should be aware of the volatility risk associated with cryptocurrency prices, and in some regions, cryptocurrency transactions may be subject to taxes.
The launch of Avalanche Card is part of a growing trend in cryptocurrency payment solutions. In August of this year, MetaMask also announced its own MetaMask Card, further highlighting the increasing adoption of cryptocurrency-based payment cards.