Avalanche has announced the launch of a payment card that allows users to spend cryptocurrency anywhere Visa is accepted. The card supports USDC, USDT, Wrapped AVAX, and AVAX, enabling transactions without converting crypto to fiat.
The card is issued in partnership with financial platform Rain and functions similarly to a standard credit card but with a crypto-based balance.
Why It Matters
John Wu, President of Ava Labs, highlighted that the initiative aims to simplify the everyday use of digital assets, making crypto more accessible to mainstream users.
Cuy Sheffield, Head of Crypto at Visa, noted that this card will allow crypto holders to spend their assets worldwide, especially in regions with slow banking infrastructure, such as Southeast Asia and Africa.
Avalanche's high-speed transactions and low fees make it a suitable network for such a solution.
To obtain the Avalanche Visa card, users need to join the whitelist. More details can be found here.
AVAX Market Reaction
Despite the overall crypto market downturn, AVAX has remained relatively stable. Over the past seven days, it dropped 5.5%, but following the Visa partnership news, the price increased by 3,82%, trading at $23.20.
Mastercard Expands Tokenized Asset Sector
Meanwhile, Ondo Finance (ONDO) has partnered with Mastercard to integrate tokenized real-world assets (RWAs) into the Multi-Token Network (MTN).
As part of this agreement, Mastercard will onboard Ondo Short-Term US Government Treasuries Fund (OUSG) into MTN, providing companies with access to on-chain assets with daily yields and flexible liquidity management.
Related Reads:
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- Musk Strikes Deal with Visa to Launch X Money — Details Inside
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.