The rain, which emits debit and credit cards that allow customers to pay payments in stablescoins, has collected 24.5 million dollars in a financing lap led by Avx Token, to launch a visa card that allows customers to make payments using their Avax tokens and stablecoins like USDC and USDT in any store that accepts the Visa.
“You have assets … They can be in USDC or avalanche tokens and you get transparent access to spending capacity,” said Malik.
The rain receives a percentage of the costs that Visa invoices for merchants to make payments on the Visa cards network. The rain also invoices subscription fees that public enterprises pay to introduce card programs and have access to the company’s platform.
Rain treats transactions in more than 100 countries, depending on the company. However, Malik refused to disclose specific use measures and the company’s annual income.
The idea of ​​cryptographic cards is not new. Crypto exchange Jamming Offers customers a visa debit card that allows holders to spend the crypto – including stablecoins – and fiatal currencies directly from their Coinbase balance. Another Crypto exchange, Gemini, offers its customers a credit card which does not let holders make payments in crypto but rather provides the crypto as a reward to spend a certain amount in dollars.
The rain will use the money collected in this Tour to expand its team, develop new technologies and request additional regulatory licenses.
The company previously raised $ 6 million in Lightspeed Venture Partners in 2022 to launch business credit cards for decentralized autonomous organizations like Uniswap.
This story was initially presented on Fortune.com
