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Huobi and Solaris joined to launch Visa-backed crypto to fiat debit card in the European Union

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Indrani bose Follow

INDIA

Jan, 16 2023

Jan, 16 2023

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Huobi and Solaris joined forces to launch Visa-backed crypto-to-fiat debit cards in the European Union. All EU member countries are included in the EEA. Huobi Global, one of the world's most well-known cryptocurrency exchange platforms, recently announced a collaboration with Solaris, a European financial services provider, to launch this cryptocurrency-to-fiat debit card.


It will be the company's very own international ATM card. The Visa card will be made available in a number of European markets during the initial rollout.


Huobi users in the European Economic Area will be able to use the Visa-backed debit card to pay from their cryptocurrency accounts at point-of-sale locations worldwide. All EU member countries are included in the EEA.


The visa-approved program allows Huobi users to use their digital assets globally.


The Visa-approved program allows Huobi users to use their digital assets at points of sale around the world. Users in the European Economic Area (EEA) will be able to use the card starting in the second quarter of 2023.


The European Economic Area (EEA) includes all 27 European Union (EU) member states, Iceland, Liechtenstein, and Norway. This cooperation will lead to potential advancements in the company's engagement with Huobi.


Other firms released crypto-to-fiat card 

Binance released its own Visa-accredited crypto-to-fiat card in 2020, allowing Europeans to withdraw payments directly from their Binance accounts. Blockchain.com announced a deal with Visa in October 2022 to sell a crypto debit card that is solely available to citizens of the United States. Earlier, FTX had also collaborated with Visa to provide a debit card in 40 countries.


Recently, the financial services provider collaborated with the fintech firm ZELF to offer an anonymous debit card with a cryptocurrency recharge. Users can open a checking account based on the US dollar with just their name, email address, and phone number. Visa also hinted at a feature that would allow customers to auto-pay bills from their crypto wallet before the end of 2023. 


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Indrani bose

CBW - External Analyst

INDIA

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