26 Feb, 2025

Avalanche Visa Card Goes Live Aiming to Further the Mass Adoption of Crypto

Users can spend their Avalanche tokens (AVAX), wrapped AVAX as well as the USDT and USDC stablecoins at any store in person or online that takes Visa.What to know:The Avalanche Foundation said its much-anticipated Avalanche Card, a Visa credit card that allows users to purchase items with their cryptocurrency, is live.The card enables users to spend their Avalanche tokens (AVAX), wrapped AVAX, as well as stablecoins USDT and USDC at any store that takes Visa.The Avalanche Foundation, the non-profit that helps steward the development of the Avalanche blockchain, said its much-anticipated Avalanche Card, a Visa credit card that allows users to purchase items with their cryptocurrency, is live and ready to be used.The card was developed in collaboration with Rain, a blockchain-based card issuing platform. It enables users to spend their Avalanche tokens (AVAX), wrapped AVAX, and stablecoins USDT and USDC at any store that takes Visa, the foundation said in an email. It's good for in-person or online transactions.While other teams have also released credit cards tied to a user's crypto holdings, the news signals the further integration between traditional financial technologies and cryptocurrency.The Avalanche Foundation said in October that it planned to introduce the card, focusing on signing up users from Latin America and the Caribbean. In Tuesday's statement, the team said sign-ups had accelerated in that region as well as Southeast Asia and Africa.According to the card’s website, the credit card will be linked to users' “new self-custody wallet and unique address per asset.”“In a move to double down on mainstream adoption of decentralized finance (DeFi), Avalanche remains committed to powering accessible inroads to blockchain for every type of user,” the team said.

21 Feb, 2025

The Rise and Fall of Memecoins in Crypto’s Wild West

Key Takeaways● Argentina’s President Javier Milei and the failed Libra token fuel fresh scrutiny on memecoins.● Crypto insider trading and front-running have reached new levels of absurdity.● Industry voices, including Travis Kling, warn of a worsening "nihilistic" trend in crypto.● Memecoins dominate Solana’s blockchain activity, but long-term viability remains uncertain.● Crypto’s regulatory landscape is shifting, with potential support at high levels of U.S. government.As the latest memecoin frenzy implodes, the crypto world finds itself once again staring into the abyss. This time, the spectacle centers around Argentina’s President Javier Milei and the ill-fated Libra token, a debacle that has reignited debates over front-running, insider trading, and the sheer absurdity of the memecoin market.The Crypto CasinoIkigai Asset Management founder Travis Kling, a vocal critic of the industry's recent trajectory, sees this latest scandal as a symptom of a deeper rot. "We are, I guess, now speed-running a post-Gensler SEC regulation-free slash regulation-light… People have been calling it crime season," he said. Kling points to the increasing involvement of political figures like Donald Trump and Javier Milei as evidence that the crypto space has become a parody of itself."Iggy Azalea crawled so Donald J. Trump could walk," he quips, underscoring the bizarre cast of characters now profiting from the memecoin casino. What was once an underground phenomenon has become mainstream financial theater, complete with rug pulls and overnight fortunes.Inside the MachineCrypto’s latest poster boy for opportunism, Hayden Davis, pulled back the curtain on this ecosystem in a recent interview with Coffeezilla: "It is an insider’s game. This is an unregulated casino." And yet, despite acknowledging the risks, Davis played the game expertly—profiting handsomely while retail investors were left holding the bag.Kling, exhausted by the relentless cycle, puts it bluntly: "We have now distilled the con down into the president of Argentina running a five-hour con on the crypto ecosystem." The rapid churn of these scams has accelerated. Where once we saw multi-year token schemes, today’s cons are over in hours.Memecoins and the Solana BoomWhile memecoins have driven unprecedented on-chain activity—especially on Solana—Kling warns that this may not be the sustainable growth metric some investors hoped for. The prevailing institutional thesis has been to "own the casino," but as Solana’s memecoin-fueled surge faces sustainability issues, that bet suddenly looks riskier.Some, like Pantera’s Portfolio Manager Cosmo Jiang, argue that Solana’s strength goes beyond memecoins. "Solana provides the best experience for launching tokens, moving them around, trading them, holding them in your wallet," said Mert, a Solana builder. The infrastructure is there, but whether meaningful projects emerge remains an open question.What Does Crypto Stand For?For Kling, the memecoin frenzy underscores a deeper issue: crypto’s ongoing utility problem. "If you had numerous alt projects with significant real-world traction, it would be a different conversation. But the list is quite short."Despite the rampant grifting, Kling still sees a reason to stay in the fight. While the industry grapples with an identity crisis, crypto-friendly moves within the Trump administration—including the appointment of David Sacks and regulatory clarity discussions—suggest that institutional backing might provide a path forward."It’s a fight worth fighting," Kling says. But whether the industry takes this moment to self-regulate or continues down the road of unchecked speculation remains to be seen. What is clear, however, is that the days of effortless grift may be numbered.