Huobi has partnered with financial services company Solaris to launch a Visa-backed crypto-to-fiat debit card which will allow Huobi users in the European Economic Area (EEA) to make payments from their crypto accounts globally.
A crypto-to-fiat debit card will be introduced thanks to a cooperation between cryptocurrency exchange Huobi and a European financial services firm called Solaris.
Users of Huobi are able to utilize their digital assets at points of sale all across the world thanks to the program, which Visa has authorized. The card will be available to users in the European Economic Area (EEA) starting in the second quarter of 2023.
All 27 members of the European Union as well as Iceland, Liechtenstein, and Norway are included in the EEA.
The chief strategy officer of Solaris, Andrea Ramoino, made a statement that alluded to potential future advancements in their collaboration with Huobi.
“This is just the first step in our partnership as we look ahead to delivering more payment options to users in the EEA region and beyond.”
This is not the first cryptocurrency-to-fiat card that is accessible to EU citizens. 2020 saw the debut of Binance’s own cryptocurrency-to-fiat card, which enables Europeans to withdraw money directly from their Binance accounts.
Visa has actively advocated for closing the crypto-fiat divide outside of the EU. Only Americans will be allowed to use the crypto debit that Blockchain.com and Visa will be able to provide as of October 2022.
It had also collaborated with Visa to sell a debit card in 40 nations before the FTX disaster.
The financial service provider most recently collaborated with the fintech firm ZELF to provide an anonymous debit card with a cryptocurrency recharge. Users may do this and create a checking account in dollars with only their name, email, and phone number.
Visa also alluded to a feature that will enable customers to auto-pay bills from their cryptocurrency wallet before the start of 2023.
