Debit cards converting cryptocurrencies into fiat to be launched in Europe

As recent growth rates in major digital assets encourage users to invest in cryptocurrencies, bridging the gap between digital and fiat currencies is a priority for many legacy financial institutions. One of them is the European financial services provider Solaris, which has entered into a partnership with the Huobi crypto exchange.

According to the terms of the agreement, Solaris and Huobi will launch a debit card that converts cryptocurrency into fiat. The card from Visa will allow users to use their digital assets to pay for services worldwide. Users residing in the European Economic Area (EEA) will have access to the card from the second quarter of 2023.

Commenting on the partnership, Solaris Chief Strategy Officer Andrea Ramoino hinted at future developments with Huobi: «This is just the first step in our partnership as we look forward to providing more payment options to customers in the EEA region and beyond.»

This is not the only token-to-fiat currency conversion card available to EU residents. In 2020, Binance launched its own Visa-accredited card that allows Europeans to withdraw funds directly from their Binance accounts.

In late December, the expert group of the payment giant Visa proposed to integrate automatic cryptocurrency payments, so users will be able to pay bills in cryptocurrencies with a minimum of time. Providers will withdraw the necessary amount to pay for the usual services: phone bills, monthly subscriptions, utilities.