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.
Clients in Europe and the United Kingdom who complete the necessary KYC/AML processes will be able to access the card, which supports BTC, ETH, USDT, USDC, and XRP.
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.
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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.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
