How does the Avalanche Foundation operate in the payment market with credit cards Can Taiwan register

How does the Avalanche Foundation operate in the payment market with credit cards Can Taiwan register

How does the Avalanche Foundation operate in the payment market with credit cards Can Taiwan register

According to an official announcement from the Avalanche Foundation, the foundation has announced the launch of the Avalanche Card, which can be used for real-world payments.

In the introduction, the foundation writes, “The Avalanche Card is a consumer card that allows you to make purchases using the value of encrypted assets at any place that accepts Visa. The Avalanche Card is not a bank and is not FDIC insured.”

However, unlike typical cryptocurrency debit cards, the official emphasizes that the Avalanche Card is a “credit card” and the data will not be reported to credit bureaus. The remaining details have not been disclosed. However, from the official diagram, it is likely that the Avalanche Card operates based on the value of assets in the custodial wallet (acting as collateral) as the user’s available credit limit for spending. Supported assets include USDC, wAVAX, sAVAX, and more. If users fail to make timely credit card payments, the assets in the wallet may be liquidated to repay the debt.

The Avalanche Card will initially be made available to residents of Latin American and Caribbean countries. In addition, the official emphasizes that citizens of countries such as Cuba, Venezuela, Nicaragua, Russia, North Korea, Syria, Iran, as well as Crimea, Luhansk, and Donetsk, regardless of their place of residence, are not eligible for registration.