- In the Q2 of 2023, users in the European Economic Area (EEA) will be able to get the card.
- In the European Union, this is not the first cryptocurrency debit card.
For many traditional banks, bridging the divide between digital and fiat currencies is a top concern as the crypto industry continues to enter the mainstream. Huobi, a cryptocurrency exchange, has announced that it would create a cryptocurrency-to-fiat debit card in collaboration with Solaris, a European financial services company.
Because Visa supports the initiative, Huobi users may spend their digital assets anywhere in the world. In the second quarter of 2023, users in the European Economic Area (EEA) will be able to get the card.
Crypto-to-Fiat Card
All of the countries that are part of the European Union (EU), plus Iceland, Liechtenstein, and Norway, make up the European Economic Area (EEA). Solaris’ chief strategy officer, Andrea Ramoino, made some comments on the alliance and hinted at some potential future advancements in the company’s cooperation with Huobi.
In the European Union, this is not the first cryptocurrency debit card. Binance introduced its crypto-to-fiat card in 2020, which lets Europeans withdraw payments directly from their Binance accounts using Visa.
Visa has been a strong proponent for bridging the cryptocurrency-fiat currency divide outside of the European Union. Blockchain.com and Visa unveiled their cryptocurrency debit card in October 2022, however, it is only accessible to people in the United States.
FTX had an agreement with Visa to provide debit cards in 40 countries before the company went down. Recently, the financial institution collaborated with the fintech firm ZELF to provide a cryptocurrency-reloadable debit card with complete anonymity. With only an email address, a phone number, and a name, anyone may create a U.S. dollar checking account.
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