Avalanche Foundation Introduces Visa Credit Card For Crypto Payments
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The Avalanche Foundation announced that its highly anticipated Avalanche Card, a Visa credit card that allows users to make purchases using cryptocurrency, is now available. The foundation, which supports the development of the Avalanche blockchain, said the card can be used for both in-store and online transactions.
The foundation said the card was developed in partnership with Rain, a blockchain-based platform that helps issue cards. According to the update, users can spend Avalanche tokens (AVAX), wrapped AVAX, and stablecoins USDT and USDC at any store that accepts Visa.
Avalanche Foundation Expands Crypto Credit Card Reach
The foundation noted that while other companies have also introduced credit cards linked to cryptocurrency, this move signaled a stronger connection between traditional finance and digital assets.
According to the update, the foundation had earlier shared plans to launch the card with a focus on users in Latin America and the Caribbean. The foundation reported that sign-ups had increased in these regions, along with Southeast Asia and Africa.
The card’s website said the credit card would be linked to a self-custody wallet and a unique address for each asset. The foundation added that this initiative was part of its broader goal to expand blockchain and decentralized finance access to a wider audience.
Avalanche Foundation Ends Deal With Terra And Recovers AVAX Tokens
Meanwhile, the Avalanche Foundation has now ended its connection with the failed blockchain Terra after a long period. According to an announcement, the foundation has finished buying back AVAX tokens from the Luna Foundation Guard. This group was formed by Terraform Labs creator Do Kwon to stop the collapse of the algorithmic stablecoin TerraUSD.
Do Kwon had introduced the Luna Foundation Guard as a group that would purchase bitcoin and other cryptocurrencies, including AVAX, to act as a reserve for TerraUSD. The plan was to buy large amounts of digital assets to support the stablecoin, which later failed.
As part of this approach, two agreements were made. The Luna Foundation Guard received AVAX tokens worth a large sum, while the Avalanche Foundation held UST and its related token LUNA. TerraUSD was meant to stay equal to the U.S. dollar through a system that either removed or acquired LUNA, which did not have a fixed price.
The partnership was supposed to help both blockchain networks, but after Terra’s failure, Avalanche faced difficulties. Since then, the Avalanche Foundation has been working to take back its AVAX tokens.
The foundation was recently given approval by the bankruptcy court to proceed with these buybacks. It has now repurchased nearly two million AVAX tokens, which are worth a significant amount based on current market prices. The foundation shared this information in a statement. AVAX was trading at a certain price when this was reported.
