Cryptocurrency exchange Huobi has announced plans to issue its own card in cooperation with the Visa payment systеm.
Crypto exchange Huobi plans to start issuing Visa cards called Huobi Visa Card. The exchange announced this on its official website. According to a press release, initially the novelty will be available only in some European countries. Which ones, exactly, is not specified.
It is reported that the card will be linked to trading accounts on Huobi. Users of the trading platform will be able to use the card to convert the cryptocurrency on their accounts to pay for goods and services at outlets that accept Visa cards. Whether a conversion fee will be charged is not reported. Huobi also promises functionality like cashback, but the percentage and terms remain unclear.
Visa has long been issuing cards in collaboration with cryptocurrency exchanges. For example, back in 2020, the Binance cryptocurrency exchange launched its Binance Visa Card in Europe with a 7% cashback. In 2019, the American cryptocurrency exchange Coinbase also issued a Visa card, but here the trading platform offers only up to 4% cashback.
Despite the active integration of Visa into the cryptocurrency market, Michael Mibach, head of the competitive payment systеm MasterCard, believes that cryptocurrencies are still far from becoming an everyday way to pay. In the future, most consumers around the world will use bitcoin in their daily transactions, Meebach said. However, he doubts that in the coming months it is worth waiting for the hype around cryptocurrencies.
The head of MasterCard believes that it is necessary to formulate suitable laws for cryptocurrencies as soon as possible. He noted that the lack of comprehensive regulations in the industry is one of the main reasons slowing down the mass adoption of cryptocurrency. In his opinion, many people do not know how to enter the cryptocurrency market and how to get maximum protection for their assets.
