30s Summary

The Avalanche Foundation has announced the launch of the Avalanche Card, a Visa card that supports spending in various cryptocurrencies such as Circle’s USD Coin, Wrapped AVAX and BENQI Liquid Staked AVAX. Initially, it will be available in Latin America and the Caribbean. There will be no spending charge, with other fees listed in the card’s terms. Avalanche Card, offered by Rain Liquidity, is not a bank and is thus not FDIC-insured. It should be noted that the card’s activities will not be reported to credit agencies.

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The Avalanche Foundation, known for its cryptocurrency and blockchain platform, has just launched a new Visa card that lets you spend your cryptocurrency. This was announced on Oct. 21 via platform X.

The new Avalanche Card will support a variety of cryptocurrencies, such as Circle’s USD Coin (USDC), Wrapped AVAX (WAVAX), BENQI Liquid Staked AVAX (sAVAX), among others.

It’s not just a digital card, but a physical one too that you can swipe anywhere that accepts Visa.

Connecting to a “self-custody wallet and unique address per asset”, the Avalanche Card makes it a piece of cake to manage your cryptocurrency. Don’t worry about a thing, because your card activities aren’t being reported to credit agencies.

While the card was introduced by the Avalanche Foundation, Rain Liquidity – a fintech service provider – offers it. But remember, Avalanche Card and Rain Liquidity aren’t banks and are not insured by the FDIC (Federal Deposit Insurance Corporation). Plus, since cryptocurrency is not legal tender, its value can fluctuate.

Initially, the Avalanche Card will be available in Latin America and the Caribbean. But if you’re a resident or citizen of countries like Cuba, Venezuela, Nicaragua, Russia, North Korea, Syria, Iran or regions like Crimea, Luhansk and Donetsk, you won’t be eligible to sign up.

While using the Avalanche Card, you won’t be charged a fee for spending. But for other fees, you need to check out the full fee list stated in the card’s terms.

This isn’t the first time a cryptocurrency payment card has been launched, for instance, there’s the Tangem’s Visa card that lets you spend Bitcoin right from your self-custody.

Source: Cointelegraph