Visa supports a partnership between Huobi and Solaris to enable European users to make payments from their cryptocurrency accounts using Visa-backed debit cards.
As blockchain innovation evolves, creating diverse payment options (both fiat and digital currencies) has become part of the mission of many financial institutions. Visa, a trusted leader in the digital payments industry, is also part of this vision.
debit card details
Recent cryptocurrency exchange Huobi announced A new partnership project with European financial services provider Solaris. The partnership will launch a Visa-powered debit card to allow users to initiate crypto-to-fiat payments.
Users in the European Economic Area (EEA) will be able to access debit cards in the second quarter of 2023. EEA includes all countries that make up the European Union.
Andrea Ramiono, Chief Strategy Officer at Solaris, said of the partnership: He said the development is the first step in his Solaris Huobi partnership and hints at the potential for further innovation from their collaboration. This development marks a milestone in Huobi’s efforts to make virtual assets accessible to everyone.
The Huobi Visa card is not the first in the EU. 2020, Binance launch A Visa-backed crypto-to-fiat card that allows European residents to withdraw funds from their Binance wallet.
Visa supports many cryptocurrency innovations and has pioneered several projects that bridge the gap between cryptocurrencies and fiat currencies. For example, on October 22, Visa Partnered with Blockchian.com Offers crypto debit cards to US residents.
visa too cooperated In collaboration with fintech company ZELF, we have launched an anonymous debit card that can be recharged with cryptocurrencies like Huobi. A debit card allows users to open a US dollar-based checking account with just their name, email and phone number.
Visa Proposes Self-Custodial Wallet for Automated Crypto Payments
via blog post On December 20, 2022, Visa proposed a new crypto solution. The project will allow service providers to withdraw funds from a user’s Ethereum wallet without having to manually approve each transaction all the time. This is synonymous with recurring subscription billing in the traditional banking world where users can authorize automatic monthly billing on some services like her Netflix.
Visa says it will enable automatic recurring payments in cryptocurrencies via a new self-managed wallet called “delegable accounts.” Self-stored wallets are based on the concept of Account Abstraction (AA). Users can automatically transfer funds from their self-custody wallet account on a regular basis by setting up programmable payment instructions.
AA-based self-custody wallets enable user account functionality like smart contracts. This means that individuals can schedule transactions without requiring approval each time.
In 2015, Ethereum co-founder Vitalik Buterin said: Proposed This concept allows ETH-based wallets and smart contracts to be combined in one account. The post noted that “AA” has been part of many Ethereum improvement proposals over the past few years. However, it failed due to implementation issues, including the need to meet some protocol changes and security guarantees.
According to the Visa team, it’s easier to integrate automated payment systems through wallets hosted by third parties such as cryptocurrency exchanges. However, the associated risk is that users must trust their funds under the control of those third parties. It has been proven dangerous to do so.
of visa team confirmed We are pleased to announce the successful pilot of delegable accounts on private chains for StarkNet, our layer 2 scaling solution. Given the success rate of Visa’s previous crypto payment projects, we can expect more innovation in the future.