Key Notes
- Avalanche Foundation has officially launched its Visa card, allowing users to make online and in-store payments using AVAX, USDT, USDC, and wAVAX.
- The card was developed with the help of Rain, a blockchain-focused credit card issuer, to ensure seamless crypto payments across Visa-supported merchants worldwide.
- The foundation is prioritizing Latin America and the Caribbean for the initial rollout, given the region’s growing reliance on digital assets amid economic instability.
On Wednesday, Avalanche Foundation, the nonprofit organization that fosters the growth and development of the Avalanche blockchain announced the debut of its crypto-powered Visa card. The card will be accepted for both online and in-store payments across all Visa supported merchants worldwide.
The foundation said it sought the help of Rain, a blockchain-focused credit card issuer to build the Avalanche Card. Thanks to the company’s expertise in offering cutting-edge digital asset payment infrastructure solutions, users can seamlessly pay for goods and services in supported outlets using cryptocurrencies like AVAX $22.19 24h volatility: 0.4% Market cap: $9.19 B Vol. 24h: $564.84 M , the native token of the Avalanche protocol, Wrapped AVAX , Tether USD USDT $1.00 24h volatility: 0.0% Market cap: $142.12 B Vol. 24h: $106.39 B and Circle USD USDC $1.00 24h volatility: 0.0% Market cap: $55.94 B Vol. 24h: $8.99 B .
Avalanche’s Credit Card Now Available
The launch of the Avalanche Card is part of the Foundation’s move to increase the adoption of cryptocurrencies.
The organization targeted the Latin American and Caribbean markets as its priority for growth. According to the official website , the card will first be available for users in countries within the areas.
The Latin American market is a high-target for many in the crypto in the crypto industry due to the region’s adoption of the emerging economy. A research conducted by Chainalysis in 2023 found that Latin America ranks as the world’s seventh-largest crypto economy, making up 7.3% of the global market. In this region, many residents rely on digital assets to protect their wealth from currency devaluation and to push back against authoritarian regimes.
Outside the Latin American market, the card is also available in Africa, Asia and other parts of the world. However, the foundation clarified that residents or citizens of Cuba, Venezuela, Nicaragua, Russia, North Korea, Syria, Iran, along with the regions of Crimea, Luhansk and Donetsk are not eligible to sign up regardless of where they reside.
Regarding taxes, the foundation clarified that spending USDC stablecoins does not trigger tax obligations, as the asset has no tax implications. However, they advised users to consult tax professionals to assess whether other supported cryptocurrencies may be subject to taxation.
Not the First
Meanwhile, Avalanche is not the only blockchain rolling out credit cards to promote broader integration of cryptocurrencies in the world of traditional finance.
In September last year, Ether.fi, a newly launched blockchain platform focused on liquid restaking service introduced its native Visa-powered card into the market.
The card, named Ether.fi Cash, was created in collaboration with Scroll, an Ethereum-based layer-2 scaling solution. It enables users to spend fiat currencies while using their crypto holdings as collateral. According to the platform, the card allows users to preserve their crypto yield while making everyday transactions.
Beyond the decentralized finance sector, centralized exchanges like Crypto.com have also launched Visa-powered cards. In November 2024, the company introduced its credit card to the Latin American market.
nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
