Huobi, which is in the restructuring phase, announced today its plans to launch the “Huobi Visa Card”. Huobi stated that within the framework of cooperation with Visa, users have the goal of becoming a bridge between fiat and crypto money in a more efficient way and developing the crypto asset industry.
Huobi Visa Card will be launched in several European countries in the first phase and is expected to be launched in other regions later on. The cryptocurrency platform decided to bring all its activities under the Huobi brand after it changed hands in the past months. The company sees the crypto card move as a strategic move to increase the worldwide adoption of crypto assets.
After Huobi’s change of ownership, Justin Sun, a member of the company’s Global Advisory Board, said about the cooperation with Visa:
“The launch of the Huobi Visa Card will be a major milestone in Huobi’s effort to make crypto assets accessible to everyone. Huobi and Visa are both leaders in their respective industries. With the Huobi-branded card, we hope to contribute to global finance.”
Cuy Sheffield, Visa’s Head of Crypto, said:
“Visa wants to act as a bridge between the crypto ecosystem and global trade and finance companies. We are pleased to work with innovative platforms like Huobi to enable consumers to easily and seamlessly spend their crypto assets wherever Visa is accepted.”
Huobi Visa Card will be linked to Huobi users’ accounts. In this way, Huobi users will be able to use the crypto money in their Huobi accounts to purchase goods and services at 80 million businesses worldwide that accept Visa. In the statement made by Huobi, some advantages were also mentioned for Huobi Visa Card users. Accordingly, users will be able to earn HT, the local asset of the exchange, depending on their spending. In addition, card users will be able to benefit from various advantages such as higher interest and repayments on the Huobi platform.
In recent years, Visa has signed important collaborations for crypto platforms to issue devit cards with their own logos. Visa had recently signed an agreement with FTX to issue a crypto card, but the bankruptcy of FTX right after this agreement caused the cooperation to end before it even started.