Payments giant Mastercard has teamed up with cryptocurrency exchange Bybit to launch a debit card allowing users to transact in digital assets.
The debit card will work on the Mastercard network and enable customers to make purchases in fiat currency or withdraw cash from ATMs, all debited from their digital asset holdings. The service is currently available in several countries in Europe and the UK.
The card will initially facilitate transactions backed by Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), and XRP. The transactions will be converted to either Euro or the British pound, depending on the user’s residence.
Ben Zhou, co-founder and CEO of Bybit, stated:
“Bybit users will be able to access and manage their funds faster, more securely, and more conveniently. 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.”
Mastercard commented positively on the partnership, describing it as an innovative development in the payments space and a secure way for customers to move digital assets.
Christian Rau, senior vice president of fintech and crypto at Mastercard Europe, 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.”
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