​Huobi will issue a crypto card in cooperation with Visa

What’s new? On December 22, cryptocurrency exchange Huobi announced a partnership with the Visa payment system. The parties will work on the launch of the card in Europe and further around the world. Huobi Visa Card will be linked to users’ exchange accounts, allowing them to convert cryptocurrency into fiat and pay for goods and services at 80 million merchants worldwide.

Announcement on the Huobi website

What is known about the card? There are a number of benefits for its holders, including cashback in the exchange’s native tokens (HT), coupons, participation in airdrops, privileges in Huobi Earn products, etc. The card is available in five tiers: “Scout,” “Navigator,” “Adventurer,” “Explorer,” and “Expert.”

According to Huobi, the cooperation with Visa is aimed at creating a more effective gateway between fiat and cryptocurrencies for platform users, as well as promoting the development of the virtual asset industry.

According to Justin Sun, a member of the exchange’s global advisory board, the launch of the Huobi Visa Card will be an important milestone in Huobi’s effort to make virtual assets accessible to everyone. Cuy Sheffield, Head of Crypto at Visa, added that his company plans to become a bridge between the crypto ecosystem and the global network of trade and financial institutions.

What is known about Huobi? The centralized exchange (CEX) was founded in 2013 in Beijing. Currently based in Seychelles, it also has offices in Hong Kong, South Korea, Japan, and the United States. The platform hosts 649 cryptocurrencies and 931 trading pairs. As of December 22, the daily trading volume is $288 million. The native token HT is used to receive fee discounts, as well as additional rewards and bonuses. The asset is trading at $5,4, having gained 0,5% per day. It has a market capitalization of $876 million.

Earlier, Huobi’s advisory board entered into a strategic partnership with the Poloniex exchange. The platforms will work together on the development of the ecosystem of HT, project connectivity, liquidity sharing, and global regulatory compliance.

Also in December, Visa announced plans to automate transfers between fiat money and cryptocurrencies with its StarkNet solution based on the Ethereum blockchain. It aims to create a bridge between cryptocurrencies and traditional finance by simplifying the payment system.

In October, Blockchain.com launched its own crypto card in collaboration with Visa. It allows one to get cashback in cryptocurrency and use fiat and digital assets to pay. So far, the card is available to residents of the United States.