As the crypto space continues to expand into the mainstream, bridging the gap between digital currencies and fiat money is a priority for many legacy financial institutions.
Cryptocurrency exchange Huobi has announced its partnership with Solaris, a European financial services provider, to launch a crypto-fiat debit card.
The program, endorsed by Visa, allows Huobi users to use their digital assets at the point of sale worldwide. Users residing in the European Economic Area (EEA) will have access to the card from the second quarter of 2023.
The EEA includes the 27 member states of the European Union, plus Iceland, Liechtenstein and Norway.
Andrea Ramoino, Chief Strategy Officer at Solaris, hinted at future developments of its partnership with Huobi in his commentary.
“This is just the first step in our partnership as we look to bring more payment options to users in the EEA region and beyond.”
Not the first crypto-fiat card available to EU residents In 2020, Binance launched its own Visa-accredited crypto-fiat card, which allows Europeans to withdraw funds directly from their Binance accounts.
Outside of the EU, Visa has been an active proponent of bridging the crypto-fiat gap. In October 2022, Blockchain.com announced its partnership with Visa to offer crypto debit, which is only available to US residents.
Before the FTX scandal, it had also partnered with Visa offer a debit card in 40 countries.
More recently, the financial services provider worked with fintech company ZELF, to launch an anonymous debit card with a crypto recharge. This allows users to open a checking account based on US dollars with just their name, email address and phone number.
Before the start of 2023, Visa also hinted at a feature this would allow users to automatically pay bills from their crypto wallet.