Avalanche Foundation (AVAX) announced on Tuesday the launch of a Visa-enabled crypto credit card linked to a custody wallet for the crypto users based in the Latin America and the Caribbean regions.
According to a press release issued on Tuesday, Avalanche Foundation announced the launch of the Visa-enabled crypto card, which would allow users to spend their digital assets like USDC, WAVAX, etc, for daily transactions in South America and Caribbean regions. The initiative will connect blockchain technology with traditional finance as the crypto credit card is backed by a custody wallet and a unique address per asset.
The card that comes in both physical and virtual forms will make life easier for crypto users in the South American region by enabling them to make payments using their crypto assets at every outlet that accepts Visa cards for payments.
Avalanche, Visa Partner to Combine Self-Custody and Privacy
The strategic partnership between Avalanche Foundation and Visa is aimed at combining the power of self-custody and privacy. It will help Avalanche integrate cryptocurrency into mainstream financial systems across the Latin America and Caribbean regions. The Avalanche Foundation allows users to maintain complete control over their funds by linking the crypto credit card to a self-custody wallet that has a unique address per asset. It would also help remove concerns regarding the legitimacy of cryptocurrencies as it offers security and decentralisation in a single go.
As mentioned above, due to its connection to a self-custody wallet, users can enjoy full control over their private keys, thereby making sure their assets and money are safe and secure from prying eyes (third-party intermediaries). This initiative is also crucial for making the world move towards decentralisation.
As part of the user privacy aspect, Avalanche Foundation made it clear on the card’s website that the activity on this card is not reported to bureaus, giving users the control over their financial transaction records. This way users can keep their data confidential during their daily transactions, whether big or small.
A Tripartite Partnership Between Avalanche, Visa, and Rain Liquidity
Avalanche Foundation and Visa are not the only two parties in this agreement. The crypto credit card will be issued by Rain Liquidity, which is a renowned financial technology service provider. By involving Rain Liquidity, Avalanche and Visa ensure that the crypto credit card is powered by strong technological infrastructure, which will provide users with a subtle experience as they make cryptocurrencies a usual part of their daily financial lives.
Enjoy Crypto Spending at No Hidden Charges
Crypto users based in Latin America and Caribbean regions can now enjoy crypto integration at no hidden charges. The Avalanche Visa crypto credit card comes with a no-spending-fee model, which turns it into a lucrative product for crypto users who have been plagued by high gas fees across different blockchains and traditional banking services.
Advertisement Banner
Although users don’t have to pay any direct spending fees, they must review the terms and conditions to be aware of additional service charges, if any.
The Strategic Goal of Financial Inclusion in Latin America and the Caribbean
As part of this groundbreaking partnership, the Avalanche Visa credit card will be available in Latin America and the Caribbean in the initial stages. The initiative is aimed at enabling an increased number of people living in these regions to access traditional finance services. This way, the Avalanche Foundation is set to achieve the goal of financial inclusion in the region which is known for limited access to traditional financial services.
According to the card’s website, people living in Venezuela, Nicaragua, Syria, Cuba, Iran, North Korea, Russia, and many other regions are not eligible to sign up for the Avalanche Visa crypto credit card due to regulatory restrictions in these countries.
What’s Next for Avalanche?
According to the press release, Avalanche Foundation is not ready to stop at launching the crypto credit card in Latin America and Caribbean region. The Foundation is gearing up to expand the crypto credit card initiative to other regions of the world in the months to come. The company is looking to streamline crypto spending for worldwide users, which would allow it to become a trendsetter in the crypto payments space.
By partnering with a leading name like Visa, the Avalanche Foundation is bridging the gap between traditional finance and blockchain technology. Many other crypto players are likely to follow suit in a bid to benefit from the possibilities of uniting the two worlds of blockchain and traditional finance.
The Final Word: A Major Step Towards the Future of Blockchain Finance
The launch of Avalanche Visa crypto credit card is a major step towards combining the two worlds of traditional finance and blockchain technology. The initiative has the potential to make financial services more accessible, secure, and private for users living in third-world countries. By uniting self-custody, privacy, and no-spending fees model, the card integrates crypto assets into the real-world economy.
The initiative has been initially launched in Latin American and Caribbean countries, but soon it will expand to other parts of the world. The power of blockchain technology allows people to become a part of a future where digital assets are an integral part of the global financial landscape.
Stay tuned to The Bit Journal to know more about Bitcoin and Gold trade and price movements. Follow us on Twitter and LinkedIn and join our Telegram channel to be instantly informed about breaking news!
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
