Digital Assets: Crypto Exchange Bybit Ties With Mastercard To Launch Crypto Debit Cards
However, Bybit suspended USD deposits effective Saturday, and USD withdrawals from March 10.
Bybit, the world’s third-largest cryptocurrency exchange, has launched a debit card, Bybit Card, powered by Mastercard (NYSE: MA) and issued by Moorwand, enabling users to convert their crypto balances into fiat currency to purchase goods and services or withdraw cash from ATMs directly.
The card will be available to eligible customers in Europe and the UK, who have completed the required KYC and AML procedures. (Media Outreach)
Initially, the card will support a few major cryptocurrencies, including BTC, ETH, USDT, USDC, and XRP, with balances automatically converted to EUR or GBP based on the customer’s country of residence.
The Bybit virtual card has been launched March 6, and can be used for online transactions. The physical card will be mailed to clients in April, providing access to ATM withdrawals and merchants worldwide.
The card offers a full 360-degree journey for users, improving their speed, security, and convenience in managing their funds, said Ben Zhou, co-founder and CEO of Bybit.
Mastercard, meanwhile, aims to continue to innovate in payments by making digital assets more accessible across the ecosystem with initiatives like Bybit Card.
Separately, Coindesk reported that Bybit suspended U.S. dollar (USD) deposits for national and international customers effective Saturday. Furthermore, withdrawals would be stopped from March 10.
The crypto exchange attributed the action to “service outages from our end-point processing partner.”
Related Story: Mastercard Enables NFT Commerce; Ties Up With NFT Marketplaces And Web3 Provider
Image by Shepard Humphries from Pixabay
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