Crypto settlement – Binance already offers it to its customers and Huobi is following in the footsteps of its competitor. Justin Sun’s cryptocurrency exchange is launching its own crypto-fiat debit card, which can be used on the Visa network.
Huobi and Solaris: a Visa card for crypto payments
Huobi partners with financial services provider Solaris, a launch your crypto-fiat debit card. Solaris has a banking-as-a-service platform and a German banking license. Its partners can easily integrate its digital banking services, via an API.
Thanks to this collaboration between the two companies, Huobi users will be able to use it debit card to to pay easily their purchases with their cryptocurrencies, by traders who are part of the Visa network.
The card will be available to Huobi customers residing in the European Economic Area (EEA), which includes the 27 member countries of the European Union, as well as Iceland, Liechtenstein and Norway, from second quarter of this year.
Customers in other jurisdictions may have access to this card at a later date. Indeed, the Chief Strategy Officer of Solaris, Andrea Ramoino, indicated that the company of him and Huobi are evaluating ” offer more payment options to users in the EEA region and beyond The partnership between the two companies would only be in its first phase.
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Visa and cryptocurrencies: a gradual approach
With this collaboration between Huobi and Solaris, Visa cards continue to play an increasingly important role in the adoption of mainstream cryptocurrencies. The electronic payment company has multiplied its numbers partnerships with the crypto firms in 2022.
In August last year, the company Strike, which offers an application that contributes to the democratization of lightning networkannounced the launch of its Visa card, the Strike Cardto simplify payments in BTC (BTC). Then, in October, it’s the turn of Blockchain. com enter into a partnership with Visa to offer your cryptocurrency card.
More recently, Visa sued a common project with Ethereum (ETH)to be able to offer automatic payments in cryptocurrency. For this, the payments giant plans to use Account Abstraction (AA), which is a feature under development on the ETH blockchain.
The payment method matches, which is expected to pit checks and cards against blockchain and cryptocurrencies, could eventually be wiped out. The cryptocurrency industry and traditional finance seem to have gradually merged over the years, offering products that sit at the intersection of their respective technologies.