The Avalanche Foundation has introduced a new Visa card that lets people spend cryptocurrency just like regular money. This was created in partnership with Rain, a digital asset payments company, and is called the Avalanche Card. Users can use it to pay with AVAX, Wrapped AVAX (wAVAX), USDT and USDC anywhere Visa is accepted, online or offline.
How It Works
When you do use the Avalanche Card, the cryptocurrency is converted into regular money. As a result, users do not have to jump through the hoops of swapping their crypto before they can spend it. Just like with a standard credit or debit card they can swipe or tap their card.
Who Can Use It?
The card can be used worldwide, but first it will be available in Latin America and the Caribbean, Southeast Asia and Africa. Many of these areas were chosen because there, many people who do not have easy access to banks. It is a new way for them to manage and spend money without having to sign up for a regular bank account.
However, certain regions and countries are limited. But regulations prevent people from Cuba, Venezuela, Nicaragua, Russia, North Korea, Syria and Iran plus several parts of Ukraine, from signing up for the card.
Why It Matters
Cryptocurrency is a lifesaver for many people across the world that use it to protect their savings from inflation and government restrictions. This card makes spending digital money easy for users in countries that have unstable economies as they don’t depend on local banks.
John Wu, President of Ava Labs, said, “The Avalanche Card turns cryptocurrency into a practical tool, making it as easy to use as a regular credit card.”
The Future of Crypto Payments
While avalanche isn’t the only company treading water in the crypto powered cards sector, it is looking to bring crypto to life. By focusing heavily on underbanked regions and leveraging the power of Visa’s global network, the Avalanche Card can help make cryptocurrency a common way to pay for goods and services around the world.
Also read: Bitcoin at Risk? Short-Term Weakness and S&P 500 Drop Spark Crash Fears
