Huobi Global, a virtual asset exchange, has partnered with Solaris to deliver a crypto-to-fiat debit card that will help Huobi users to spend digital assets at point-of-sale.
The program will be available to both new and existing users residing in the European Economic Area (EEA) from Q2 this year.
They will be able to select and spend from a range of different digital assets linked to their card at the point of sale, via their Huobi Global trading account.
This card functionality will remove friction from the user experience, saving time for Huobi users when it comes to on/off ramp fiat and digital assets between accounts and cards.
Huobi Visa card holders who pay with the firm’s platform token Huobi Token (HT) will be rewarded with cashback benefits in accordance with their card levels. Solaris will be providing full end-to-end processing and issuing capabilities for the program, including Visa BIN sponsorship.
The Huobi-branded Visa debit cards will offer users a range of loyalty benefits and are powered by Solaris’s Buffer card issuing and secondary authorisation technology. Buffer enables cardholders to make payments via a primary fiat account by connecting to a wallet of value (e.g. digital asset) held in a secondary account to deliver a frictionless payment experience.
Huobi advisor Justin Sun said, “Huobi Global highly values our user experience and continuously works to drive improvement for users. This partnership will help us deliver a better experience to our users.”
Solaris chief strategy officer Andrea Ramoino added, “We are excited to be partnering with a market-leading virtual asset exchange to deliver frictionless crypto-to-fiat point-of-sale spending to the Huobi community, through our market-leading Buffer technology. This is just the first step in our partnership as we look ahead to delivering more payment options to users in the EEA region and beyond.”
Chinese e-commerce giant Alibaba has recently reportedly sold half of its position in India-based payments company Paytm.
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