Avalanche Foundation Introduces Visa Card for Crypto Payments at Merchants
The Avalanche Foundation has launched the Avalanche Card, enabling users to spend crypto at fiat-only merchants. Key features include:
- The card operates like a prepaid and credit card hybrid, allowing users to load it with crypto such as USDC, USDT, and AVAX.
- Users can spend up to half the US dollar value of their loaded cryptocurrencies to accommodate market fluctuations.
- Crypto is sold daily (around 9 am ET) to cover purchases made through the card, rather than at the time of transaction.
- Cardholders must provide personal information for verification, including name, address, and government ID.
- Features include freezing the card, changing the PIN, disputing transactions, and setting spending alerts.
- Using the card may result in tax implications, as selling crypto for purchases is considered a taxable event, except for stablecoins and USDC.
- The card will be available in 35 US states and select regions in Latin America and the Caribbean, but not in US-sanctioned countries due to Visa regulations.
The card facilitates easier access to crypto spending without needing a crypto exchange or DeFi platform.