The mainstream adoption of the cryptocurrency industry has become undeniable in recent years. The cryptocurrency industry has been growing its network inside the mainstream industry for a while.
It is now a fact that the cryptocurrency industry’s expansion cannot be stopped in the mainstream industry. Therefore, it is important for mainstream institutions to accept the existence of crypto.
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Huobi Partners with Solaris
The exchange knows very well what people want and for this purpose, it has made a major announcement.
The exchange has announced that it has partnered with Solaris to bridge the gap between the world of cryptocurrencies and fiat.
Solaris, which is a major financial services provider in Europe has acknowledged and confirmed the news made by the Huobi exchange officials.
The officials have confirmed that they have worked alongside the teams at the Huobi exchange to bridge the crypto-to-fiat gap. Not many platforms have been providing this service to their users.
Although they have all the resources to make it happen, still, they do not want to adopt the crypto-to-fiat utility for their users.
However, they have looked at the bigger picture and have worked alongside the Huobi exchange to offer them a debit card. The ability of the debit card is to offer crypto-to-fiat service to the users.
Huobi had Visa’s Blessings
Huobi has confirmed that they brought Visa onboard in order to make the service available for their users. With the help of the new debit cards, the users of the Huobi exchange will have a lot of conveniences.
They will be able to make transactions using the point of sale that accepts Visa debit cards.
Huobi users will now have a lot of usage of debit cards as they will be able to make transactions at many places.
Huobi has confirmed that they had been working alongside Solaris for a while to bring the product to the table. They are aiming to launch the new utility and debit cards for the European Economic Area (EEA) initially.
The users in the EEA will have access to the particular service. They will start receiving the cards as the second quarter of 2023 initiates.
Their aim is to ensure that all the users in the EEA have access to these cards by the end of 2023. All the states in the EEA as well as Norway, Iceland, and Liechtenstein are members of the EU.
CSO of Solaris Made a Statement
Andrew Ramoino made a statement in regard to their company’s partnership with Huobi exchange. She stated that they are hoping to have a great future ahead alongside the exchange.
They have huge plans alongside the Huobi exchange that would see their partnership go on for the long term.
She also hinted that they are also working on other similar products that they want to introduce alongside the Huobi exchange.
Binance has a Competitor
Huobi is not the first exchange that has come up with a product such as the crypto-to-fiat utility for their users in the European region.
Binance, the largest crypto exchange has already launched a similar product but it was launched back in 2020.
The largest exchange now has competition ahead of it and it has to speed up its developments so it can compete with advanced products offered by Huobi.