Bybit Issues Mastercard-Powered Debit Card

Summary:
• The card comes amidst the decision by Bybit to suspend USD deposits. Meanwhile, Bybit will issue physical debit cards from April.

Bybit exchange has officially launched Bybit Card, its debit card supported by Mastercard. Using this Moorwand-issued card, cryptocurrency holders on Bybit may easily transition between digital asset and fiat worlds, where they can make purchases or withdraw cash from ATMs. Customers in selected nations in the EU and the UK will be eligible to get the card after completing the necessary Know Your Customer and Anti-Money Laundering (KYC/AML) processes.

What to expect from the card

The rollout of the cards will start with a digital version for use in online stores. At launch, the card will support USDT, BTC, USDC, Ether and XRP. If a customer from Europe or the United Kingdom submits a payment request, their digital asset balance will be converted into euros or British pounds automatically.

Bybit Card will allow users to directly debit their cryptocurrency balances for purchases without going via middlemen or other off-ramp providers. The launch of physical plastic cards is scheduled for April, and customers will receive them via direct mail. These cards will give customers access to ATM withdrawals and spending at merchants around the world. Furthermore, the cards will have spending limits that are consolidated across all of the currencies in the customer’s Bybit account.

Ben Zhou, co-founder and CEO of Bybit says” By launching Bybit Card, we are creating a full 360-degree journey for our users, offering next-level reliability, products and opportunities.”

Bybit is not the first exchange to offer crypto cards. Exchanges like Coinbase, Nexo and Crypto.com already had their crypto cards out a while back. As crypto adoption grows, more trading platforms will likely begin issuing prepaid debit cards and credit cards. Meanwhile, Bybit has temporarily stopped accepting US dollar deposits from customers while it works out some issues with its servicing bank. According to Bybit, the suspension of Wire Transfer deposits is due to service disruptions from Bybit’s end-point processing partner and the suspension will remain in force until further notice.