Bybit partners with Mastercard to offer crypto payments debit card
Bybit has announced the launch of the Bybit Card, a debit card powered by the Mastercard network.
By Anna B Kiwanuka
Bybit will soon launch a new debit card allowing users to make payments and withdraw cash using cryptocurrency holdings.
The Bybit card will operate on the Mastercard network and will allow fiat-based transactions by debiting cryptocurrency balances when used to pay for goods and services. The service begins with the launch of a free virtual card for online purchases, while physical debit cards are set to be available in April 2023.
The service will be compatible with user account balances for Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), and XRP. Depending on the user’s country of residency, payments will immediately convert the balances of these initial cryptocurrencies into euros or pounds.
According to Bybit, ATM withdrawals and global payments will be limited to aggregated cryptocurrency holdings of a user’s Bybit account. The cards are issued by London-based payments solutions provider Moorwand.
The roll-out of Bybit’s virtual and physical debit card offering comes days after the Dubai-based exchange announced it would be halting U.S. dollar bank transfers. The suspension of dollar deposits and withdrawals was pinned on service outages by one of its processing partners.
Bybit users can continue to make USD deposits using Advcash Wallet and credit cards, while users are urged to carry out any pending U.S. dollar wire withdrawals by March 10.
United States-based crypto exchanges and businesses were affected when Silvergate Bank announced the discontinuation of its digital assets payment network on March 4. Meanwhile, a report at the end of February 2023 suggests that Mastercard and Visa would hold off on announcing or embarking on further direct partnerships with the cryptocurrency and blockchain industry.