Avalanche has launched a new card using that enables users to make payments using their crypto assets.
Getting into the details
- The Avalanche Card is a spend card
- It allows users to make purchases against the value of their crypto assets like WAVAX, USDC, and sAVAX
- It can be used anywhere Visa cards are accepted
- Even though the Avalanche card is a credit card, the team claims that the activity is not reported to the credit bureaus
- The Avalanche Card is offered by Rain Liquidity
- Rain Liquidity, on its part, is a financial technology company and not a bank
- The card is issued by Avalanche partners licensed in respective jurisdictions
Why should you pay attention?
- When users sign up for the Avalanche Card, they will get a new self-custody wallet and unique address per asset
- Using the card will give users instant access to their crypto assets with spend alerts, freezing, PIN changing and other options
- They will be entitled to both physical and digital cards
- Users from countries in Latin America and the Caribbean will be able to the card right off the bat
- Citizens of Cuba, Venezuela, Nicaragua, Russia, North Korea, Syria, Iran, along with the regions of Crimea, Luhansk and Donetsk, however, will not be eligible to sign up no matter where they reside
Who said what?
- With respect to taxes, the Avalanche team said,
“Spending against USDC generally does not have tax implications. Spending against other crypto assets may involve selling your assets. Selling crypto assets can be a taxable event”
- As far as the fee tangent is concerned, the team asserted,
“There are no fees when you are spending assets with the Avalanche Card”
