Bybit Launches Mastercard-Compatible Debit Card for Crypto Purchases
Bybit has launched a new debit card that can be used on the Mastercard network, allowing customers to make purchases by deducting their cryptocurrency holdings.
The introduction of Bybit’s virtual and physical debit card offerings follows the announcement that the exchange will no longer accept bank transactions in U.S. dollars.
The virtual card is free and can be used for online purchases, while the physical card will be available in April.
Customers can directly debit funds from their cryptocurrency wallets and will receive plastic cards in the mail that can be used at any ATM or merchant worldwide.
Bybit’s decision to halt dollar deposits and withdrawals was due to “service outages,” and customers are being asked to complete any outstanding wire withdrawals of U.S. dollars by March 10.
Despite rumors that Mastercard and Visa have delayed plans to expand into the cryptocurrency market due to concerns about its long-term viability, both companies are still making progress toward doing business in the industry.