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Bybit Launches Mastercard-Powered Debit Card for Cryptocurrency Payments

Bybit, a Dubai-based cryptocurrency exchange, is introducing a new Mastercard-powered debit card that allows users to pay for goods and services with their cryptocurrency holdings.

Bybit logo
Bybit logo

Debit Card Features and Benefits

The Bybit debit card will work with Bitcoin, Ether, Tether, USD Coin, and XRP balances on user accounts. Payments will be automatically converted into euros or pounds depending on the user's country of residence. ATM withdrawals and global payments will be limited to the aggregated cryptocurrency holdings of a user's Bybit account. The virtual card for online purchases will be free, while physical debit cards will be available in April 2023.

Recent Developments

The launch of the Bybit debit card comes days after the exchange announced the suspension of U.S. dollar bank transfers due to "service outages" by one of its processing partners. Bybit users can still make USD deposits using Advcash Wallet and credit cards but are urged to carry out any pending U.S. dollar wire withdrawals by March 10. The move comes after Silvergate Bank announced discontinuing its digital assets payment network on March 4, affecting U.S.-based crypto exchanges and businesses.

Mastercard and visa credit cards
Mastercard and visa credit cards

Mastercard and Visa's Approach to Cryptocurrency

A report at the end of February 2023 suggests that Mastercard and Visa are holding off on announcing or embarking on further direct partnerships with the cryptocurrency and blockchain industry. Mastercard has been exploring payment options in USDC through new partnerships, while Visa has hinted at plans to allow customers to convert cryptocurrencies into fiat on its platform in 2023.