Crypto exchange Huobi has announced that it plans to cooperate with the behemoth financial services company of Visa, to launch and issue the Huobi Visa Card. The team at the exchange added that the cooperation ‘aims to bring a more efficient fiat-to-crypto gateway for its users and promote the development of the virtual asset industry.’

Huobi’s main goal with the Huobi Visa Card is to promote the global adoption of virtual assets. The card will be linked directly to the accounts of Huobi users. It will allow for the convenient conversion of users’ virtual asset balances to fiat for the payments of goods and services at the 80 million merchant locations that accept Visa worldwide.

Huobi Visa Card to Initially Rolled out In Europe

Regarding availability to the regular crypto user, the Huobi Visa Card is scheduled to initially be available in several European markets before a gradual rollout to other regions globally.

The Visa Card will Have Several Benefits for its Users

The card will also feature benefits and loyalty programs for its users. For example, users can receive cashback in the Huobi Token (HT) when using the card for payment. Other benefits include cashback vouchers, APY booster coupons, privileges in Huobi Earn products, and more.

There will also be a five-tier system for the Visa cards: Scout, Navigator, Adventurer, Explorer, and Expert.

Visa Recently Ended its Partnership with FTX

The potential cooperation between Huobi and Visa comes approximately a month after the financial payments services provider halted its partnership with the defunct FTX crypto exchange.

In October, Visa and FTX announced an expanded partnership that would have led to the launch of crypt account-linked Visa debit cards in over 40 countries. But the collapse of the exchange brought an end to the plans.

A spokesperson of Visa had explained that the situation with FTX was ‘unfortunate’ and that the company had terminated its global agreements with the crypto exchange to launch their US debit card program.

(By John P. Njui)