Bybit plans to issue debit cards powered by Mastercard, allowing users to pay for goods and services with cryptocurrencies.
Bybit will launch a new debit card that allows users to make payments and withdraw money using their cryptocurrency holdings.
Bybit cards work on the Mastercard network and enable fiat-based transactions by debiting digital currency when used to pay for goods and services. The service will begin with the launch of a free virtual card for online shopping, with physical debit cards expected to be available in April 2023.
Service works with Bitcoin
Bitcoin
ticker down
$20,174
,ether
ethereum
ticker down
$1,438
, tether
USDT
ticker down
$1.01
, coin USD
USDC
ticker down
$0.92
and XRP
XRP
ticker down
$0.36
Customer account balance. Payments will automatically convert these original cryptocurrency balances into Euros or Pounds depending on the user’s country of residence.
ATM withdrawals and global payments are limited to the total cryptocurrency holdings of the User’s Bybit account. The card is provided by London-based payment solutions provider Moorwand.
The rollout of Bybit’s virtual and physical debit card services comes days after the Dubai-based exchange announced it would suspend US dollar bank transfers. The ban on dollar deposits and withdrawals was due to a “service outage” by one of his processing partners.
Bybit users can still deposit USD using Advcash wallets and credit cards, but users are asked to make pending USD wire transfers by March 10th.
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When Silvergate Bank announced the continuation of its digital asset settlement network on March 4, US-based cryptocurrency exchanges and companies were affected.
Meanwhile, according to a report at the end of February 2023, Mastercard and Visa will postpone announcing or launching direct partnerships with the cryptocurrency and blockchain industry.
Mastercard is exploring payment options in USDC for him through a new partnership, and Visa is blocking plans to allow customers to convert cryptocurrencies to fiat on his platform in 2023.
