The Avalanche card is credit card, but its activity is not reported to credit agencies.
With the Avalanche Card you get a self-custody wallet and a unique address per asset.
Avalanche announced its new Visa card on Monday, September 21, allowing users to make payments with cryptocurrencies at any merchant that accepts products from the financial giant.
The card, available initially for residents of Latin America and the Caribbean, excludes citizens of Cuba, Venezuela, Nicaragua, Russia, North Korea, Syria, Iran, and the Crimea, Luhansk and Donetsk regions.
The product allows users to spend their crypto assets directly at merchants. By registering, you get a self-custody wallet and a unique address for each asset. This means that the user has full control over their cryptocurrencies, without the need for intermediaries, according to what Avalanche said.
In addition, it is a credit card whose activity is not reported to credit agencies. This implies that the use of the card does not affect the user’s credit score, providing additional flexibility.
According to the announcement, the Avalanche card operates commission-free when using digital assets. Although they clarify that it is not a banking product and, therefore, It is not insured by the Federal Deposit Insurance Corporation (FDIC). The company also establishes that cryptocurrencies are not legal tender in the countries where they operate. Also, they are assets that can depreciate.
The announcement of the card is a sign of the expansion that Avalanche has had, which is a decentralized network that allows the programming of smart contracts and the creation of decentralized applications (dApps).
The Avalanche ecosystem has seen a significant boom, attracting large institutions such as Citigroup, which has shown interest in smart contract tokenization. This interest is reflected in a record increase in transactionsincreasing more than 3,000% in a matter of months, as reported by CriptoNoticias.
Avalanche’s versatility has allowed the development of various applications, from web3 games to decentralized social networks. Now, with the Visa card, its usefulness is extended to everyday payments, integrating cryptocurrency into daily transactions.
Following the announcement, Avalanche’s AVAX cryptocurrency registered a drop of 2.81%, going from USD 28.08 to USD 27.29 in a few hours. Subsequently, it recovered to USD 27.88, to stabilize at USD 27.50, evidencing interest and volatility in the market due to the news.
This is not the first time that Visa has offered the infrastructure necessary for cryptocurrency companies to launch cards. Recently, the Argentine exchange Ripio announced the launch of a Visa credit card that can be used in Argentina and Brazil, as reported by CriptoNoticias.
This article was created using artificial intelligence and edited by a human Editor.
