Huobi, Visa, and Solaris are set to launch crypto-to-fiat cards in the European Union￼
- Huobi, Visa, and Solaris will launch crypto-to-fiat cards for the European Economic Area-based users
- The cards will be available for existing and new Huobi users starting from Q2 2023.
Seychelles-based cryptocurrency exchange Huobi partners with a German financial services provider Solaris to enable crypto-to-fiat transactions in the EU.
Starting from the second quarter of 2023, Huobi users based in the European Economic Area (EEA) will be able to pay using their cryptocurrency accounts. On a side note, the EEA includes 27 EU countries, Norway, Iceland, and Liechtenstein.
The cards will be backed by the financial giant Visa. Thanks to the company’s approved scheme, Huobi users will be able to utilize their digital assets at points of sale in different parts of the world. Solaris will provide users with its Buffer card technology, which enables holders to pay via a primary fiat account by connecting it to a crypto wallet.
Users will be offered five different card tiers. Depending on the card type, individuals will get access to a variety of benefits. For instance, when paying for goods and services with Huobi Token, card owners will receive cash-back benefits.
“We are excited to be partnering with a market-leading virtual asset exchange to deliver frictionless crypto-to-fiat point-of-sale spending to the Huobi community, through our market-leading Buffer technology. 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,”said the Chief Strategy Officer at Solaris, Andrea Ramoino.
Huobi and Visa first announced their partnership and the upcoming launch of Visa Huobi cards In December 2022. Before that, Visa partnered with cryptocurrency exchange FTX to introduce debit cards in over 40 countries. However, due to FTX’s bankruptcy in November 2022, the initiative did not go through.