Avalanche team has launched a crypto credit card in partnership with Visa

What’s new? Blockchain team Avalanche has announced the launch of its own credit card in collaboration with payment company Visa and fintech company Rain Liquidity. It supports multiple cryptocurrencies, including Avanlanche’s (AVAX) native token and its wrapped version WAVAX, as well as bitcoin, Ethereum, and Circle’s USDC stablecoin, and is accepted at all Visa-enabled merchants.

Source: X.com

What else is known? Waiting list enrollment is currently open. The card can be issued in both virtual and physical forms at the same time. Owners are offered instant access to their assets and the ability to pay with cryptocurrencies in popular apps.

To ensure control and security, the card will offer expense alerts, freeze, PIN change, and 24/7 tech support. When the card is issued, the user is assigned a new non-custodial crypto wallet with unique addresses for each individual asset type.

Thus, Avalanche Card and Rain Financial do not act as custodians, cryptocurrencies are self-stored by users.

There are no fees when spending with the Avalanche Card, but there are maintenance fees.

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On the official website, the Avalanche team emphasizes that the card is not insured by the US Federal Deposit Insurance Corporation (FDIC), and the cryptocurrency is not legal tender and can depreciate. The card is offered by Rain Liquidity, which is not a bank, and is issued by partners licensed in the relevant jurisdictions

The Avalanche card will initially be available to individuals residing in Latin America and the Caribbean. Citizens of Cuba, Venezuela, Nicaragua, Russia, North Korea, Syria, Iran, Crimea, Luhansk, and Donetsk are not eligible for the card, regardless of where they reside.

As for paying taxes on card transactions, the Avalanche team recommended consulting with experts. Developers noted that spending in USDC generally has no tax implications, but the sale of cryptocurrency may be subject to income tax.

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Previously, investment firm ParaFi Capital used the Avalanche blockchain to partially tokenize its $1,2 billion fund.

AVAX ranks 13th in the overall cryptocurrency market capitalization ranking with a figure of $11,3 billion and is trading at $27,69, having lost 0,3% overnight. The weekly drop was 6,4%, but has gained 175% over the past 12 months.