Huobi, a cryptocurrency exchange, has partnered with Solaris, a European financial services provider, to launch a cryptocurrency-to-fiat debit card.
This partnership will enable Huobi users to use their digital assets at points of sale all over the world through a Visa-approved program. The card will be available to users in the European Economic Area (EEA) starting in the second quarter of 2023.
Justin Sun, a member of the Huobi Global Advisory Board, stated:
“Huobi highly values our user experience and continuously works to drive improvement for users. This partnership will help us deliver a better experience to our users.”
According to reports, this card functionality will reduce friction in the user experience, saving Huobi users time while switching between accounts and cards and on/off ramp fiat.
Holders of Huobi VISA cards who make purchases using Huobi Token (HT), the platform token of Huobi, will receive cashback advantages based on the level of their cards. Solaris will provide complete end-to-end processing and issuance capabilities for the program, including Visa BIN sponsorship.
The crypto-to-fiat card offered to EU citizens is not the first of its kind. Europeans can now withdraw money directly from their Binance accounts thanks to Binance’s Visa-accredited crypto-to-fiat card, which was introduced in 2020.
Visa has actively promoted bridging the crypto-fiat gap outside of the EU. In October 2022, Blockchain.com and Visa unveiled a crypto debit card that is only available to Americans.
In December, Visa collaborated with the fintech firm ZELF to introduce an anonymous debit card with a cryptocurrency recharge. Users can open a checking account denominated in US dollars using their name, email, and phone number.
It is worth noting that Huobi announced earlier this week that it would be laying off 20% of its workforce as part of an ongoing restructuring following Justin Sun’s acquisition of the business. Huobi also asserted that recent media reports claiming the cryptocurrency exchange is supposedly bankrupt are false.
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