Bybit partners with Mastercard to introduce crypto payments debit card.
Bybit temporarily suspended US Dollar bank transfers.
The world’s significant crypto exchange, Bybit, revealed the launch of the “Bybit Card”. The debit card allows users to make payments and withdraw cash using cryptocurrency holdings. And is powered by the world’s second credit card giant, Mastercard network, and issued by Moorwand, a London-based payments solutions provider.
Bybit co-founder and CEO Ben Zhou stated;
By launching Bybit Card, we are creating a full 360-degree journey for our users, offering next level reliability, products, and opportunities. 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.
The announcement comes a week after the payment giants Mastercard and Visa declared that they paused new partnerships with the cryptocurrency firms in the wake of the crypto market meltdown. Also, on the 4th of March, the Dubai-based cryptocurrency exchange Bybit temporarily halted US Dollar bank transfers due to the liquidity challenge worry led by Silvergate bank.
Virtual Bybit Card
However, Bybit’s new “crypto debit card”, enables fiat-based transactions. And cryptocurrency HODLers will be able to avoid off-ramp providers and other middlemen. The platform initially supports the cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Tether (USDT).
A virtual Bybit card would be accepted by more than 90 million merchants worldwide. Further, depending on the user’s country of residency, payments will immediately convert the balances of these initial cryptocurrencies into euros or pounds. It’s important to note that Bybit Card will be accessible to users residing in the European region and the United Kingdom.