Bybit, a Singapore-based crypto exchange, has just announced the launch of a new debit card, allowing users to access their cryptocurrency holdings to withdraw cash and make payments. The Bybit Card is accepted on the Mastercard network and will convert crypto balances into pounds or euros when used for goods or services. The virtual card is now available for free and the physical card will be available in April 2023. The card can be used with Bitcoin, Ether, Tether, USD Coin and XRP.
The card will only allow transactions up to the total cryptocurrency holdings of a given account. The Bybit Card is being issued in partnership with London-based payment solutions provider Moorwand. This comes days after the exchange announced that US bank transfers had been temporarily suspended due to a service outage by one of its processing partners. US-based customers can deposit USD via bank transfer, Advcash Wallet, credit cards, or debit cards.
Bybit’s virtual and physical debit card options are a major development, allowing users to make use of their crypto assets in real-world scenarios. This follows reports that Mastercard and Visa are planning to announce or start partnerships with the crypto and blockchain industry. Mastercard is said to be looking into payment options in USDC, and Visa has indicated that customers will be able to convert crypto into fiat via its platform by 2023.
Overall, the Bybit Card is a substantial advancement for the crypto space, representing a substantial step towards making digital assets part of everyday life. As cryptocurrency continues to gain traction, it’s likely that other firms will follow suit and launch similar services in the near future.
