Highlights:
- Avalanche has launched a new credit card that enables seamless transactions.
- Citizens domiciled in Latin America and the Caribbean nations will access the cards. On the other hand, some countries’ inhabitants are ineligible to sign up for it.
- Despite the exciting development, AVAX’s price declined in its 24-hour and 7-day price change variables.
Avalanche (AVAX) has launched a new Visa card that enables users to transact cryptocurrencies. The latest development, which aims to bridge traditional payment systems with digital networks, appeared on Avalanche’s verified X handle.
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The X post noted that with the new development, customers would seamlessly trade WAVAX (Wrapped AVAX), USDC (USD Coin), sAVAX (staked AVAX), etc, on outlets that recognize Visa cards as payment options.
Relaying the latest development on X, Avalanche’s official X handle wrote:
“Spend your WAVAX, USDC, sAVAX, and more wherever Visa is accepted. Enjoy physical and virtual cards, 24/7 dedicated support, and seamless transactions through popular apps.”
Introducing the Avalanche Card! 🔺
Spend your WAVAX, USDC, sAVAX, and more wherever Visa is accepted.
Enjoy both physical and virtual cards, 24/7 dedicated support, and seamless transactions through popular apps.
The future starts now! Join the waitlist and check out the full… pic.twitter.com/NUmW93sX5P
— Avalanche Foundation 🔺 (@AvalancheFDN) October 21, 2024
Avalanche New Credit Card Features
Describing its latest innovation on its authoritative website, Avalanche noted that Rain Liquidity, a fintech firm, is responsible for offering the card. Meanwhile, users can choose physical or virtual cards, underscoring the platform’s commitment to developing an all-encompassing payment system.
Additionally, the new card is not a bank. Consequently, the Federal Deposit Insurance Corporation (FDIC) is not insuring it. Citing the reason for the FDIC’s insurance exclusion, Avalanche noted that cryptocurrencies are not legal tender. Therefore, chances abound that they might lose value.
It is worth noting that while the Avalanche Visa card operates similarly to credit cards, the credit bureau will not receive reports of users’ activities with the card. With such functionality, one could assert that the card offers customers a sense of anonymity in their trading escapades.
Capping off its unique features, Avalanche noted that eligible candidates will obtain a fresh self-custody wallet after signing up. In addition, transacting with an Avalanche card attracts zero fees, and customers will receive distinct addresses for each asset.
Self-custodial spending, powered by Rain 🌧
Excited to be the exclusive partner for @avax on the Avalanche Card, letting you spend USDC, wAVAX, sAVAX, and more from your wallet balances anywhere Visa is accepted 🔺
Learn more and join the waitlist: https://t.co/4TNQT8WRBY pic.twitter.com/8OizG4w7q7
— Rain (@raincards) October 21, 2024
Card Accessibility and Tax Clarification
In its write-up, Avalanche disclosed that only residents domiciled in Latin America and the Caribbean nations will initially access the card. The statement implies the platform might make the card accessible to other regions later. However, such possibilities remain a speculation as of the time of writing.
On the other hand, residents of some selected regions are ineligible to apply for the card. The publication read in part: “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.”
Clarifying tax patterns, Avalanche advised seeking directives from a tax professional as it is not within its scope to give explicit explanations. The blockchain network outlet mentioned that spending against USDC will likely not incur tax. However, involving other crypto assets could qualify as a taxable transaction. Hence, it underscores why a tax expert will come in handy to avoid unnecessary costs.
How Has AVAX Reacted to the New Development?
At the time of press, AVAX is changing hands at about $27.6, reflecting a 0.4% decline in the past 24 hours. Aside from its 24-hour-to-date variable, the tokens’ 7-day-to-date variable also displayed declines of about 4.3%.
Moreover, AVAX ranks as the thirteenth most valuable cryptocurrency on CoinGecko, with roughly $11.2 billion in market capitalization. Its 24-hour trading volume reflected a 1.12% upswing with a $285.16 million valuation.
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