Huobi partners with Visa to offer crypto-backed debit cards
Payments giant Visa has partnered with crypto exchange Huobi to launch a debit card that makes it easy for consumers to convert and spend their cryptocurrencies at 80 million merchant locations worldwide.
This alliance should offer users with convenience, reduced costs, and faster transactions across Visa’s entire partner network. Huobi Visa Card holder will receive cashback in HT token when using the card for payment. Users are also entitled to a series of benefits, including cashback vouchers, sure-win coupon airdrops, APY booster coupons, privileges in Huobi Earn products, and more.
Huobi-branded Visa debit cards make it faster for cryptocurrency users to sell their digital assets and push those funds to their Visa credentials in real-time, with much of this work happening through its FastTrack program. The card is available in five tiers, namely “Scout”, “Navigator”, “Adventurer”, “Explorer”, and “Expert”.
In addition, Huobi has plans to scale its debit cards, which are linked directly to users’ accounts, to additional markets, allowing users to instantly start spending without waiting for the physical card to be in-hand. The product is already available in several European markets and is now being rolled out globally in additional countries, including many across Latin America.
“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 Huobi-branded card, we hope to contribute towards global financial inclusion,” said Justin Sun, a member of Huobi’s Global Advisory Board.
“Visa wants to serve as the bridge between the crypto ecosystem and our global network of merchants and financial institutions. 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,” said Cuy Sheffield, Head of Crypto at Visa.
Collaborating with such a payment giant allows the crypto debit card issuer to access Visa’s growing partner network and introduce new crypto-friendly payment experiences. Moreover, it helps the firm promote the full range of its platform functionality to improve its payments and settlement services and act as an easy on and off-ramp from fiat to cryptocurrencies.
This should help Huobi and similar providers cut out middleman costs and intricacies when it issues branded debit cards that enable users to spend their cryptocurrencies anywhere Visa is accepted.