Huobi, a virtual asset exchange, has announced a partnership with Solaris to launch a crypto-to-fiat debit card. The card is planned to enable Huobi users to spend their digital assets globally.
From the beginning of the second quarter of 2023, Huobi users who reside in European Economic Area (EEA) will have access to the card. In addition to Iceland, Liechtenstein and Norway, EEA consists of all European Union member states.
According to multiple sources, the planned product launch program is approved by Visa.
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With this crypto-to-fiat card, users will be able to select and spend from a range of different digital assets linked to their cards at physical stores via their Huobi trading account.
“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 CSO of Solaris, Andrea Ramoino.
The card is powered by Solaris's technology, which allows for seamless payments by connecting a primary fiat account to a secondary digital asset account. In the future, the card will also be closely tied to Huobi's own platform token, Huobi Token (HT), for added benefits for cardholders.
"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," said Justin Sun, a member of the Huobi Global Advisory Board.
However, before Huobi and Solaris partnership, Binance also launched its own crypto-to-fiat card in 2020, making it available to users who reside in member EU states. Binance’s version of visa-accredited card allowed users to withdraw funds from their Binance accounts.
In other news, Blockchain.com also partnered with Visa to launch a crypto-to-fiat card for US residents In October 2022.
