Prominent crypto exchange, Huobi, has partnered with payments giant Visa to launch a new card called Huobi Visa Card worldwide. According to the official release, the partnership intends to further the growth of the virtual asset sector and provide customers with a more effective fiat-to-crypto gateway.
The Huobi Visa Card will be initially available in several European areas, with other regions following soon after. Justin Sun, founder of TRON and a member of Huobi’s Global Advisory Board, stated,
“The launch of the Huobi Visa Card marks a significant milestone in Huobi’s push in making virtual assets accessible to everybody. Huobi and Visa are both prominent leaders in their respective industries.
Sun added that with the Huobi branded card, the firm aims to contribute towards “global financial inclusion.”
Cuy Sheffield, Head of Crypto at Visa, said the firm desires to be a bridge between the crypto ecosystem and Visa’s global network of retailers and financial institutions.
Sheffield further stated,
“We’re excited to work with innovative platforms like Huobi to make it easy and seamless for consumers to spend from their crypto balances anywhere Visa is accepted.”
How does the fiat-to-crypto work?
The Huobi Visa Card will be connected to the Huobi accounts of users. Customers of Huobi may easily use this card to pay for products and services at any of the 80 million merchant locations globally that accept Visa by converting the virtual asset balance in their Huobi accounts.
When paying with the card, customers could get cashback in HT, Huobi’s native crypto token. Additionally, users are eligible for several advantages, such as privileges in Huobi Earn goods, cashback vouchers, sure-win coupon airdrops, and APY booster coupons. The five ranks of the card are “Scout,” “Navigator,” “Adventurer,” “Explorer,” and “Expert.”
Visa is no stranger to crypto. Recently, the business published a proposal explaining how Ethereum users may set up automatic payments right from their self-custodial wallets. Doing so will take banks and other centralized organizations out of the picture.
Payment giants are well aware of the popularity of cryptocurrencies. And consequently, may not want to be left out of the party. Hence, it is no surprise that Visa is amping up its crypto game.
At press time, HT, Huobi’s native token, was trading at $5.46, up by 1% in the last 24 hours.