Bybit Partners with Mastercard to Launch Debit Card for Crypto Users
Bybit has announced the launch of its debit card called Bybit Card. This innovative payment solution will enable usersx to off-ramp their crypto holdings into the fiat world to make purchases or withdraw cash from ATMs with ease. Bybit Card is powered by the Mastercard network and issued by Moorwand, a UK-based Electronic Money Institution.
The card will be available to clients in eligible countries in Europe and the UK who have completed the necessary KYC and AML procedures. Bybit Card will initially support blue-chip cryptocurrencies such as BTC, ETH, USDT, USDC, and XRP, and payment requests will automatically convert balances in these digital assets into EUR or GBP, depending on the client’s country of residence.
Bybit has launched a free virtual card that allows for online purchases, and a physical card is set to launch in April. The plastic cards will be mailed directly to clients and will allow them access to ATM withdrawals as well as spending at merchants worldwide. Spending limits will be aggregated across currencies held in their Bybit account.
According to Ben Zhou, co-founder and CEO of Bybit, “Bybit users will be able to access and manage their funds faster, more securely, and more conveniently.” The launch of Bybit Card marks a significant step towards creating a full 360-degree journey for users, offering next-level reliability, products, and opportunities. The company is 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, Fintech and Crypto, Mastercard Europe, expressed his excitement about the partnership with Bybit. He said, “Mastercard enables customers, merchants and businesses to move digital value – traditional or crypto – however they want, with the confidence that they are doing so safely and securely. With launches like this, we’re excited to continue to innovate in payments by making digital assets more accessible across the ecosystem.”
Overall, the launch of Bybit Card is expected to make it easier for people to use their crypto holdings to pay for goods and services. The partnership between Bybit and Mastercard is expected to help bridge the gap between the traditional financial system and the world of cryptocurrencies, creating more opportunities for people to manage their digital assets.
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