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Avalanche Foundation Launches Visa Card for Seamless Crypto Payments Worldwide

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  • Avalanche Card lets users spend AVAX, USDT, USDC, and wAVAX at Visa-accepted locations.
  • The card targets Latin America, Southeast Asia, and Africa for crypto adoption growth.
  • Avalanche Card integrates with it’s wallet for seamless crypto-to-fiat transactions.

The Avalanche Foundation and Rain unveiled the Avalanche Card, a Visa credit card that permits cryptocurrency-based purchases. Multiple digital assets function on the Avalanche Card, including the native token AVAX alongside Wrapped AVAX (wAVAX), USDT and USDC. Users of the Card can now spend their crypto without troublesome conversions since the card operates through any Visa-authorized business or online platform.

The Avalanche Card operates as a solution that connects cryptocurrency to traditional financial systems by making it effortless for users to spend digital assets in daily purchases. Users can now use their digital currency holdings directly through the card, which streamlines transactions between digital currency holders and various real-world vendors in the market.

Targeting Key Markets for Expansion

The Card debuts its first release in markets where cryptocurrency interest is rapidly surging, including Latin America, Southeast Asia and Africa. The Foundation marked these geographical areas as primary locations for adoption because they show continuous growth in their adoption rate of digital assets. While experiencing economic instability and inflation many people in certain regions depend on cryptocurrencies to safeguard their capital.

Users in regions without adequate banking structures can easily access the card to perform transactions. The Card users gain access to secure payment capabilities that let them bypass payment platforms and directly use their crypto assets. Avalanche has extended its network into these regions because it strives to bring DeFi accessibility to a wider range of users.

Seamless Integration with Avalanche’s Ecosystem

Through the integrated solution, users can enjoy seamless connectivity from the Card to it’s own on-chain cryptocurrency wallet. Avalanche integrates wallets to permit users to transfer funds directly from their self-managed wallets which creates dedicated payment addresses for each digital asset. Cryptocurrency fans benefit from the card because it provides straightforward possibilities to manage their digital assets.

The Foundation declares that the card is part of its overall approach to fostering decentralized finance adoption by the mainstream market. The simple payment method works to establish digital assets as standard components of everyday financial operations. John Wu, who leads Ava Labs, described the card as a tool for enhancing crypto transactions by providing a bank card like experience.

Shiba Inu’s Milestone Surge in 2024: Crypto.com Visa Card Acceptance

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In a significant leap towards mainstream adoption, Shiba Inu (SHIB) has joined an elite cadre of cryptocurrencies accepted for funding on the Crypto.com Visa Card. This development marks a pivotal moment for the Shiba Inu community, reinforcing SHIB’s burgeoning status in the dynamic world of digital assets.

Crypto.com, a leading cryptocurrency platform, recently informed its users of this milestone via email. The update, which outlined expanded token support for its Visa card, revealed that Shiba Inu is now among the cryptocurrencies accepted for card funding. This inclusion places SHIB alongside heavyweight digital currencies like Bitcoin (BTC) and Ethereum (ETH).

The announcement, seen by local media, highlights SHIB’s growing acceptance and credibility. The email read,

“Dear Valued Customer, We are pleased to inform you that you can now fund your Crypto.com Visa Card with over 100 top cryptocurrencies across all jurisdictions. These include BTC and ETH, along with meme coins like SHIB…”

A prominent member of the SHIB community, known as @Sand_ShibArmy, shared their thoughts with local media, saying,

“I see it as an acknowledgment that Shiba Inu is a valuable asset for Crypto.com (CDC) and they think of ways users of their CEX can use their SHIB holdings. Back in 2022, CDC had a big chunk of SHIB on its holdings and supported trading of $BONE and $LEASH.”

The Shib Army, a collective of passionate SHIB holders, received the email with enthusiasm. They added,

“As a Shiba Inu holder and user of the card, this makes it easy for me to spend SHIB in everyday life.”

What This Means For Shiba Inu: Details

This development is a significant milestone for SHIB and its community of holders. Being accepted for funding the Crypto.com Visa Card means that SHIB can now be used for everyday transactions, enhancing its utility and value. The move underscores Shiba Inu’s growing acceptance in the mainstream financial ecosystem and its transition from a meme coin to a more widely recognized and utilized cryptocurrency.

For SHIB holders, the announcement brings several advantages. It provides more options for spending their tokens, integrating Shiba Inu into practical, real-world applications. This could drive higher demand for SHIB, as more people might be inclined to acquire the token for its increased usability. Moreover, inclusion in Crypto.com’s Visa Card funding could boost investor confidence, signaling greater institutional recognition and acceptance of Shiba Inu.

The ability to use SHIB for card funding on a major platform like Crypto.com could attract new investors seeking versatile and practical cryptocurrency options. This development aligns with Shiba Inu’s broader goals of expanding its ecosystem and enhancing the token’s functionality beyond speculative trading.

Visa’s Bold Move: Direct On-Chain Gas Fee Settlement via Visa Cards

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In a potential game-changer, Visa, a global payment leader, is piloting an inventive approach allowing users to settle on-chain gas fees directly via Visa cards, signaling a step toward melding conventional finance with the decentralized domain.

News of this groundbreaking endeavor was unveiled by well-known crypto analyst Wu Blockchain on August 11th, 2023, marking a pivotal move towards harmonizing traditional financial systems with the rapidly evolving blockchain landscape.

The product manager at Visa, Mustafa Bedawala, emphasized a notable hurdle related to cryptocurrency wallets. The persistent need to monitor Ethereum (ETH) balances for gas fee coverage has emerged as a significant challenge.

Traditionally, Ethereum users navigate fluctuating gas fees by acquiring ETH from exchanges or on-ramps, which often leads to inefficiencies and complications due to the volatile nature of gas prices.

Visa’s Off-Chain Solution And Innovation

According to a recent report, Visa’s trailblazing solution leverages Ethereum’s ERC-4337 standard and the ingenious “Paymaster” smart contract, introducing an off-chain gas fee settlement process. Users initiate an Ethereum transaction from their wallets, which is routed to the paymaster.

The paymaster calculates the gas fee and bills via Cybersource. After swift digital signature validation, the wallet attaches the signature before transmitting it to Ethereum. Paymaster verifies and covers the gas fee, enabling users to seamlessly pay gas fees via their cards off-chain, sparing them from the need to retain ETH exclusively for fee payments.

Visa’s innovative model underwent trials on the Ethereum Goerli testnet, employing readily available open-source tools, including Stackup’s userop.js library. Successful trial transactions validated the feasibility of fee coverage via the Paymaster, effectively eradicating the ETH requirement.

This revolutionary concept extends beyond user convenience. The framework could empower merchants and decentralized applications to streamline customer interactions, revolutionizing gas fee payments through cards. Furthermore, wallet and PayMaster providers could seize the opportunity to introduce Visa card-based gas fee payment options, marking a leap forward in blockchain usability.

In a space marked by constant evolution, Visa’s strides in off-chain gas fee payments set the stage for a more seamless and user-friendly blockchain experience, bridging the gap between traditional finance and the decentralized frontier.

Related Reading:| Visa Expands Crypto Payments Reach: Embracing Ethereum Account Abstraction