Huobi Global Exchange is integrated into the ecosystem of Weld Money
Weld Money continues to partner with the leading exchanges in the cryptocurrency space. And today, we are proud to announce the partnership with the Huobi Global crypto exchange, the sixth largest cryptocurrency exchange in the world according to Coinmarketcap. Huobi’s trading volume is one and a half billion dollars a day! Based in China, the company currently has offices in Hong Kong, South Korea, Japan and the United States. In August 2018, it became a publicly traded Hong Kong listed company.
Weld Money and Huobi Global cooperation details
So, another giant exchange is integrated into the Weld Money ecosystem. Now, all those who trade on Huobi Global or just have an account on this one of the ten largest crypto exchanges in the world will be able to pay directly from their crypto balance on Huobi at a supermarket, cafe, and in general, any online or offline point of sale where Visa payment cards are accepted. That is, in fact, they can pay with crypto in any outlet in the world equipped with a POS-terminal.
In order to start paying for purchases using the weld card from your Huobi Global account, you need to follow three simple steps:
- Log in to the web office, register and go through the standard banking identity verification (KYC) procedure.
- Connect your API keys from the Huobi Global exchange to the Weld Money system.
- Add weld card to Apple/Google Pay.
After that, the user can use Apple/Google Pay to pay for goods and services from any merchant. At the same time, the seller is guaranteed to accept payment. The seller may not even know that the payment is made in cryptocurrency, since the unique development of Weld Money allows you to do this without the need for notification / consent of the seller.
Which cryptocurrency you can use
Please, pay attention: at the first stage, you can use only stablecoins from your Huobi Global account. Other cryptocurrencies will be integrated later, and the user will be able to choose which coins/tokens he currently prefers to spend.
How the transaction goes
- The user applies the phone or Apple Watch to the payment terminal.
- The bank debits the transaction into a fiat overdraft, which is not subject to any additional fees, and freezes the required amount on the user’s balance on Huobi Global.
- The bank sends a message to the processing center that the transaction was successful.
- The required amount in crypto is transferred from the user’s balance to the Weld Money corporate account.
- The user picks up his product / service.
- Once a day, Weld Money clears and closes all overdrafts on customer accounts.
The main advantage of the weld card: no network fees
Let’s stop here separately. One of the most important advantages of Weld Money is that when you pay with a weld card, you do not pay huge network fees, which in recent years have grown so much in almost all blockchain networks. These fees have made the idea of paying for a cup of coffee with bitcoin absurd. But there has been so much talk about this throughout the years of the existence of cryptocurrencies.
The point here is not even that crypto enthusiasts have nothing to pay for coffee, except to do it with the help of crypto. This cup of coffee has always meant something more, namely the mass adoption of cryptocurrencies. Without widespread adoption, cryptocurrency essentially remains an instrument, at best, of preserving value, a hedging instrument, and at worst, an object of desperate speculation, which means it is not money in the full sense of the word.
Only applicability in real life makes cryptocurrency money. And Weld Money contributes to crypto`s development in this area. It is important to understand: with the current huge network commissions, which can sometimes reach hundreds of dollars, no one would think of paying with bitcoins for coffee.
But the user of the weld card can afford to buy this cup. Although not yet for bitcoins, but, as mentioned above, this feature will be available soon. Why is this even possible? At the fourth step, when the amount in crypto is transferred from the user’s balance on the exchange to the Weld Money balance, the transaction goes off-chain. This means that, unlike all other competitors, when paying with a weld card, the user does not pay blockchain transaction fee)!
About Huobi Global Exchange
Huobi Global is an international blockchain digital asset exchange company with nine years of experience in cryptocurrency trading and asset management. Today, Huobi Global provides services to millions of retail and institutional clients in over 130 different countries. Huobi is one of the most liquid crypto exchanges in the world, including for the most popular trading pairs: BTC/USDT and ETH/USDT. In the first years of its work, Huobi was mainly focused on the Asian market, but when China banned crypto exchanges in September 2021, the platform finally refocused on global markets.
What makes Huobi Global different from other digital asset exchanges? Huobi is much more than just an exchange. In addition to traditional exchange products, Huobi Global also offers spot and futures trading, derivatives, staking, investment banking and advisory services. Huobi Global also provides educational services on the blockchain, conducts scientific research in this area, and in general does a lot for the development of the crypto industry, in which it has been operating for a solid number of years and has earned an excellent reputation during this time.
About further partnerships with exchanges
Integration with Huobi Global is not the last of Weld Money’s planned joint activities with exchanges. We are going to add absolutely all the largest trading platforms to our service in the near future. Today, Weld Money is already cooperating with exchanges that cover more than 70% of the entire crypto market. Follow the news and apply for a weld card. The cards are already being actively tested in Ukraine and will soon be available in Europe as well. You can apply for a weld card at the link — https://weld.money/card.