Avalanche has rolled out a new Visa card that allows users to spend various cryptocurrencies, including Wrapped AVAX (WAVAX), USD Coin (USDC), and staked AVAX (sAVAX), wherever Visa is accepted. This development is expected to drive broader cryptocurrency adoption by making crypto payments more accessible and convenient.
The Avalanche Visa Card: Key Features
Offered by financial technology company Rain Liquidity, the Avalanche Card gives users the flexibility to choose between virtual and physical cards. Despite working like a credit card, the card doesn’t report user activity to credit bureaus.
While the card is not classified as a bank, it is FDIC-insured, offering an extra layer of protection for users. Initially, the card will be available in Latin America and the Caribbean, with plans to expand globally. However, residents of certain countries and regions, including Cuba, Venezuela, Russia, and North Korea, are excluded.
Driving Cryptocurrency Adoption
The launch of this Visa card is seen as a major milestone for the cryptocurrency sector. By providing a seamless way for consumers to spend digital assets like AVAX and USDC in everyday transactions, it could spur increased practical use of cryptocurrencies. This move may also encourage more companies to offer cryptocurrency-based card services, expanding the ecosystem.
AVAX Price Outlook: Will the Rally Continue?
AVAX, the native token of the Avalanche network, has been one of the top-performing cryptocurrencies over the past year, seeing a 182.6% increase since October 2023. However, despite a recent rally, the asset has struggled to maintain momentum, showing dips of 2.2% on daily charts and 5.3% over the past week.
According to CoinCodex analysts, AVAX may surge to $56.79 by October 31, representing a 104.7% increase from current levels. However, they also predict a potential correction to $35.69 by November 18. That said, factors such as the upcoming U.S. elections and the increasing popularity of Avalanche’s new Visa card could influence the asset’s performance in the coming days.
