The Avalanche Foundation has officially launched the Avalanche Card, a cryptocurrency card that can be accepted anywhere Visa is eligible.
Through launching the Avalanche Card, the non-profit organisation arm of the blockchain network seeks to promote financial inclusion by providing holders tools to make secure transactions in emerging markets without the reliance of traditional banks.
The card is available both physically and digitally, allowing holders to make crypto-to-fiat purchases via their preferred cryptocurrencies and stablecoins, such as USDT, USDC and AVAX, the Avalanche-native digital currency. The Avalanche Foundations has plans to expand to more assets in the future.
Built on Rain’s advanced infrastructure, the card seamlessly bridges the gap between decentralized finance (DeFi) and real-world utility, unlocking new use cases for crypto holders.
John Wu, President of Ava Labs, said: “With the Avalanche Card, your cryptocurrency becomes a tool for empowerment.
“As digital assets gain mainstream adoption, it’s critical to showcase real-world use cases that feel as familiar as swiping a credit card.”
A tool for the underbanked crypto users
For customers in emerging markets, they are often underbanked and underserved when it comes to traditional payment and financial services. This is why many emerging markets, such as Argentina and other Latin American countries have turned to crypto adoption.
Latin America is a key focus for the Avalanche Foundation with its new Visa-branded cards, becoming available to millions of customers which aims to address issues such as high fees, inflation and limited infrastructure associated with traditional finance.
The Avalanche Card leverages its connection to Visa to be accepted at payment terminals at retail shops and e-commerce sites. The blockchain company also revealed the crypto card can be used to pay utility bills and other bills that can be paid with credit cards.
Avalanche Foundation cited a World Bank report that revealed as of July 2024, more than 1.4 billion people worldwide still lack access to financial services, with these people predominantly coming from emerging economies such as Latin America, Southeast Asia and Nigeria.
By potentially eliminating the need for an intermediary, the Avalanche Card provides an alternative for millions in regions that account for a significant share of global crypto activity, seeking to help individuals gain access to secure, borderless financial solutions.
