The cryptocurrency market is expanding into mainstream financial institutions. Many of these legacy financial institutions have made it their priority to close the gap between traditional and digital currencies. The [crypto] Industry is slowly making its way into mainstream markets.
A partnership agreement between Huobi, the cryptocurrency exchange, with the European provider for financial services Solaris was announced. The partnership will see the creation a debit card that allows you to convert cryptocurrencies into fiat currencies.
As a result, Huobi users can now use their digital assets at any point of sale around the world thanks to a Visa program.
Users who reside within the European Economic Area (EEA), will have the ability to access the card starting in the second quarter 2023. The European Economic Area (EEA), which includes all 27 countries that participate in the European Union, Iceland and Liechtenstein, is the European Union’s largest member country.
Citizens from countries that are members the European Union can have multiple crypto-to-fiat cards at a time. Binance, a cryptocurrency exchange, launched its own crypto-to fiat card in 2020. It received Visa approval. European customers can now withdraw fiat cash directly from their Binance account using this card. Visa is a strong advocate of bridging the gap in digital money and traditional currencies, such as dollars or euros, even outside the European Union.
Blockchain.com announced their partnership with Visa in October 2022 to create a debit card that can be used for purchasing cryptocurrencies. It is only allowed to be used within the United States.
Recently, a financial service provider and a company called ZELF in the financial technology sector teamed up to offer customers a debit cards that protects anonymity and can be used with cryptocurrencies.
Visa suggests that it could roll out a feature that would enable customers to automatically pay their bills using their bitcoin wallet.