Avalanche has launched a new Visa card for cryptocurrency payments. According to the announcement, users can spend WAVAX (Wrapped AVAX), USDC (USD Coin), sAVAX (staked AVAX), and more wherever Visa cards are accepted.
The Impact of Avalanche’s New Visa Card on Cryptocurrency Adoption
The development marks a significant milestone for the crypto sector. The card’s launch may help promote more practical use of cryptocurrencies, leading to more companies offering cryptocurrency card services.
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More About The Avalanche Card
According to the website, Rain Liquidity, a financial technology company, offers the card. Users can choose between physical and virtual cards.
The website also notes that the Avalanche Card is not a bank and is FDIC-insured. The card works like a credit card, but user activity is not reported to credit bureaus.
The Avalanche Card will initially be available to Latin American and Caribbean countries before launching in other countries. It is not available to residents or citizens of Cuba, Venezuela, Nicaragua, Russia, North Korea, Syria, and Iran, along with the regions of Crimea, Luhansk, and Donetsk, regardless of their place of residence.
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Will The Asset Rally?
AVAX has been one of the best-performing cryptocurrencies of the last year, rallying by 182.6% since October 2023. The asset is also up by 4.4% in the 14-day charts and 3% over the previous week. Despite the rally, the asset has struggled to gain momentum off late, dipping by 2.2% in the daily charts and 5.3% over the last week.
According to CoinCodex analysts, AVAX could rally over the next few days. The platform anticipates the asset to surge to $56.79 on Oct. 31. Hitting $56.79 from current prices will rally about 104.7%. The platform does not expect the asset’s price to hold, predicting a correction to $35.69 on Nov. 18, 2024.
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AVAX may begin to rally over the next few days and not face a correction, given that we are nearing the US elections and the project’s new card may develop a following. How things go for the asset is yet to be seen.
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