Popular cryptocurrency exchange Huobi has teamed up with payments behemoth Visa to introduce a brand-new card named Huobi Visa Card across the globe. The agreement, according to the official press release, aims to boost the sector’s development and give customers a more efficient fiat-to-crypto gateway.
Several European countries will be the first to offer the new crypto-Visa Card, with additional regions following soon after. TRON founder and member of the exchange’s global advisory board, Justin Sun, said,
“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.
With the exchange-branded card, the company, according to Sun, hopes to promote “global financial inclusion.”
The company wants to act as a conduit between the cryptocurrency ecosystem and Visa’s extensive worldwide network of merchants and financial institutions, according to Cuy Sheffield, Head of Crypto at Visa.
Sheffield went on to say,
“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.”
Here’s How Huobi’s New Card Will Work
Users’ crypto accounts (the exchange linked accounts) will be linked to the new crypto Visa Card. By converting the virtual asset balance in their crypto accounts, customers of the exchange can effortlessly use this card to pay for goods and services at any of the 80 million merchant locations worldwide that accept Visa.
Customers may receive cashback in HT, Huobi’s native cryptocurrency token while making purchases with the card. Users are also qualified for several benefits, including access to the exchange earn items, cashback coupons, sure-win coupon airdrops, and APY booster coupons. “Scout,” “Navigator,” “Adventurer,” “Explorer,” and “Expert” are the five ranks of the card.
Visa is not new to cryptocurrency. A proposal outlining how Ethereum users can set up automatic payments directly from their self-custodial wallets was recently published by the company. Banks and other centralized entities will be eliminated as a result.
The biggest names in payments are well aware of cryptocurrencies’ appeal. Consequently, they might not want to miss the celebration. So it comes as no surprise that Visa is upping its cryptocurrency game.
At the time of writing, HT, was trading at $5.33, up 1.4% over the last 24 hours.