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The Avalanche Foundation, the non-profit that helps steward the development of the Avalanche blockchain, said its much-anticipated Avalanche Card, a Visa credit card that allows users to purchase items with their cryptocurrency, is live and ready to be used. The card was developed in collaboration with Rain, a blockchain-based card issuing platform. It enables users to spend their Avalanche tokens (AVAX), wrapped AVAX, and stablecoins USDT and USDC at any store that takes Visa, the foundation said in an email. It’s good for in-person or online transactions.
While other teams have also released credit cards tied to a user’s crypto holdings, the news signals the further integration between traditional financial technologies and cryptocurrency. The Avalanche Foundation said in October that it planned to introduce the card, focusing on signing up users from Latin America and the Caribbean. In Tuesday’s statement, the team said sign-ups had accelerated in that region as well as Southeast Asia and Africa.
According to the card’s website, the credit card will be linked to users’ “new self-custody wallet and unique address per asset.” “In a move to double down on mainstream adoption of decentralized finance (DeFi), Avalanche remains committed to powering accessible inroads to blockchain for every type of user,” the team said.
