The Avalanche Foundation announced the launch of Avalanche Card, in partnership with Rain and Visa. This product is a physical and digital card that will allow users to make purchases using their crypto assets where Visa is accepted.
Empowering Financial Freedom in Underbanked Regions
This card will enable users to spend USD Coins (USDC), Tether (USDT), Wrapped AVAX (wAVAX), and AVAX. The main aim of this initiative is to provide a secure alternative payment option in regions where there is strained banking infrastructure.
John Wu, President of Ava Labs, has pin pointed the fact that Avalanche Card will empower cryptocurrency users by making digital assets as easy to use as a traditional credit card.
With this card, the user can carry out seamless and hassle free cross-border transactions without any conversion fees. This platform is a secure alternative in areas where banking is unstable or lacking.
Availability of the Avalanche Card
The Avalanche Card will be rolled out with accelerated sign-ups in Southeast Asia, Africa, and Latin America. However, it will not be available for the residents of Cuba, Venezuela, Nicaragua, Russia, North Korea, Syria, and Iran.
The card will be linked to a self-custodian wallet, providing a unique address for each asset. Transactions made with the card will not be reported to credit agencies. It will also come with security features like spend alerts, card freezing, and PIN code changes same as a normal credit card.
The launch of this card is in line with the broader goal of increasing adoption of decentralized finance (DeFi) solutions globally. By integrating Visa’s network, transactions are being made easy without the need of converting crypto into fiat currency.
Why Collaborate with Rain?
By collaborating with Rain, Avalanche is leveraging its expertise in digital asset infrastructure. Rain is well-known platform for creating an effective payment system that integrates seamlessly with traditional financial networks, specifically with Visa.
Following this development, the price of the AVAX token experienced an uptick. At press time, the price of the token is $22.17 with a surge of 6.8% in the last 24 hours and the token experienced a surge of 2.7% in the past hour as per CoinGecko.
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