Bybit is launching a new debit card that enables holders of cryptocurrencies to make payments and withdraw cash. The Bybit Card, which operates on the Mastercard network, will allow users to pay for goods and services using their cryptocurrency balances, automatically converting them into euros or pounds depending on their country of residence.
Users can sign up for the free virtual card for online purchases to get started. Physical debit cards are expected to be available from April 2023. Initially, only Bitcoin balances can be used; however, ATM withdrawals and global payments will be enabled across all cryptocurrency holdings in a user’s Bybit account. The cards are issued by UK-based payments solutions provider Moorwand.
Bybit users are encouraged to complete any pending U.S. dollar wire withdrawals before March 10. This is because the Dubai-based exchange has suspended dollar deposits and withdrawals due to “service outages” from one of its processing partners. However, USD deposits can still be made using Advcash Wallet and credit cards. This news comes days after the launch of Bybit’s virtual and physical debit card offering.
However, Cryptopolitan reported that Mastercard will continue to partner with the cryptocurrency and blockchain industry. Mastercard is also researching payment options in USDC through new partnerships, whereas Visa has expressed its plans to allow customers to convert cryptocurrencies into fiat currency on its platform sometime in 2023.
