According to an official announcement by the Avalanche Foundation, the foundation has announced the launch of the Avalanche Card, which can be used for real-world payments.
In the introduction, the foundation states, “The Avalanche Card is a consumer card that allows you to make purchases using the value of encrypted assets at any place that accepts Visa. Avalanche Card is not a bank and is not FDIC insured.”
However, unlike typical cryptocurrency debit cards, the official emphasizes that the Avalanche Card is a “credit card” and that data will not be reported to credit bureaus. Other details have not been disclosed. However, based on the official concept image, the likely operation of the Avalanche Card is that the value of assets in the custodial wallet (acting as collateral) will serve as the user’s available credit limit. Supported assets include USDC, wAVAX, sAVAX, etc. If users fail to make timely credit card payments, the assets in the wallet may be forcibly liquidated to repay the debt.
Avalanche Card will initially be available to residents of Latin American and Caribbean countries. In addition, the official emphasizes that citizens of countries such as Cuba, Venezuela, Nicaragua, Russia, North Korea, Syria, Iran, Crimea, Luhansk, and Donetsk are not eligible to register regardless of their place of residence.
