Bybit has unveiled plans to launch a new debit card product that will enable customers to use their cryptocurrency balances for purchases and cash withdrawals. The Mastercard network will power the Bybit Card for fiat-based transactions, debiting cryptocurrency balances when used to purchase goods and services.
Initially, a free virtual card will be available for internet-based transactions, with physical debit cards slated for release in April 2023. Users’ spending limits would be determined by the cryptocurrency holdings in their Bybit accounts. Bybit users will be able to use physical debit cards for ATM withdrawals and merchant transactions worldwide once they are released.
The Bybit debit card will support several popular cryptocurrencies, including BTC, ETH, USDC, and XRP. When payment requests are made, balances in these digital assets will be automatically converted into EUR or GBP based on the user’s country of residence.
According to Ben Zhou, Bybit’s co-founder and CEO, the Bybit Card will enhance the user experience by providing faster, more secure, and easily accessible money management. Zhou claims that Bybit is providing next-level reliability, products, and opportunities while also generating a complete 360-degree journey for their users.
Zhou stated:
“We are confident that these innovative payment solutions will improve people’s lives and are a step towards a brighter future for crypto and finance.”
Christian Rau, Senior Vice President of Fintech and Crypto at Mastercard, noted that Mastercard provides customers, companies, and merchants the freedom to transfer digital assets in their preferred method, be it traditional or crypto, with a high level of security and assurance.
Rau stated:
“With launches like this, we’re excited to continue to innovate in payments by making digital assets more accessible across the ecosystem.”
Prior to this announcement, Bybit had made public its decision to cease handling bank transactions in US dollars starting March 10th. According to one of its payment processing collaborators, the suspension of dollar deposits and withdrawals was due to service interruptions.
Due to a number of prominent incidents that have tarnished the industry’s reputation and undermined confidence, Visa and Mastercard have recently scaled back their efforts to establish new partnerships with cryptocurrency companies.
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