Mar 07, 2023

Bybit Launches Crypto Debit Card with Mastercard Network

Bybit, a Dubai-based cryptocurrency exchange, is set to launch a new debit card that will allow users to make payments and withdraw cash using their cryptocurrency holdings. The Bybit card will be powered by Mastercard and will enable users to make fiat-based transactions by debiting their cryptocurrency balances.

The card will be available in two forms – a free virtual card for online purchases and a physical debit card set to be released in April 2023. The service will support payments in Bitcoin (BTC), Ether (ETH), Tether (USDT), USD Coin (USDC) and XRP (XRP). When a user makes a payment, their cryptocurrency balances will be automatically converted into euros or pounds, depending on their country of residence.

ATM withdrawals and global payments will be limited to aggregated cryptocurrency holdings on the user’s Bybit account. The cards are issued by London-based payments solutions provider Moorwand.

The announcement of the Bybit card comes days after the exchange announced it would be halting U.S. dollar bank transfers due to “service outages” by one of its processing partners. Users can still make USD deposits using Advcash Wallet and credit cards, and are urged to carry out any pending U.S. dollar wire withdrawals by March 10.

The news follows a report at the end of February 2023 suggesting that Mastercard and Visa would hold off on announcing or embarking on further direct partnerships with the crypto and blockchain industry. Mastercard has been exploring payment options in USDC through new partnerships, while Visa has hinted at plans to allow customers to convert cryptocurrencies into fiat on its platform in 2023.

The launch of the Bybit card marks an exciting development for the web3 space as it provides users with a convenient and secure way to use their crypto holdings for everyday payments. It also signals a growing acceptance of cryptocurrency as a viable payment method in the mainstream.

The debit card is part of Bybit’s larger strategy to make it easier for users to access and use their crypto balances. The exchange also offers a range of services, including NFT promotion and marketing, and a web3 agency to help users sell their NFTs.

For those looking to get the most out of their crypto holdings, the Bybit card is a great way to do so. Not only does it allow users to make payments and withdraw cash, but it also provides them with a secure and convenient way to access their funds. The card is set to be a game-changer for the web3 space, and could pave the way for further adoption of cryptocurrencies as a viable payment method.

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