As the crypto space continues to expand into the mainstream, bridging the gap between digital currencies and fiat currency is a priority for many legacy financial institutions.
Cryptocurrency exchange Huobi announced its partnership with Solaris, a European financial services provider, to launch a crypto-to-fiat debit card.
The program, which Visa has approved, allows Huobi users to use their digital assets at the point of sale globally. Users residing in the European Economic Area (EEA) will have access to the card beginning in the second quarter of 2023.
The EEA comprises all 27 European Union member states, as well as Iceland, Liechtenstein and Norway.
Andrea Ramoino, the chief strategy officer at Solaris hinted at future developments in its partnership with Huobi in his comment.
“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 crypto-to-fiat card available to residents of the E.U. In 2020, Binance launched its own Visa-accredited crypto-to-fiat card, which allows Europeans to pull funds straight from their Binance accounts.
Outside of E.U. Visa has been an active proponent in bridging the crypto-fiat gap. In October 2022, Blockchain.com announced its partnership with Visa to offer a crypto debit, which is only available to residents of the United States.
Prior to the FTX scandal, it had also partnered with Visa to offer a debit card in 40 countries.
Most recently, the financial service provider worked with the fintech company ZELF, to launch an anonymous debit card with a crypto recharge. This allows users to open a checking account based in the U.S. dollar with only their name, email, and phone number.
Prior to the start of 2023, Visa also hinted at a feature that would allow users to auto-pay bills from their crypto wallet.
Author: Savannah Fortis