The Avalanche Foundation has launched the Avalanche Card in partnership with Rain, a card that facilitates cryptocurrency transactions in Latin America and the United States. This physical and digital card allows users to make purchases with crypto anywhere Visa is accepted. It enables the use of assets such as USDC, USDT, wAVAX, and AVAX both online and in physical stores.
According to data from the Central Bank, around 30% of adults in the country are affected by exclusion from the traditional financial system. The Avalanche Card provides these users with the opportunity to access a more inclusive means of payment, eliminating barriers imposed by conventional banking and participating in the global economy in a flexible and secure manner.
Cuy Sheffield, head of Crypto at Visa, has highlighted the importance of this card by providing cryptocurrency holders with an easy way to make daily purchases using digital assets at any establishment that accepts Visa. This initiative represents a significant advancement in the expansion of access to digital payments, especially in regions where financial inclusion is a challenge.
The Avalanche Card manages each asset through a unique wallet address, keeping the private keys solely in the possession of the user. In Argentina, where freelance work for foreign companies has seen a recent increase of 54%, the card offers secure payment options through the Visa network, simplifying access to and spending of digital assets without the need to use multiple platforms or perform conversions.
According to John Wu, president of Ava Labs, the Avalanche Card turns cryptocurrencies into an empowering tool for users who face difficulties accessing banking services due to their informal economic activity or lack of credit history. This initiative expands the possibilities of making daily expenses with cryptocurrencies in Argentina and other places where financial exclusion is a persistent problem.
