On March 6, Bybit announced the launch of a new virtual debit card with the physical card planned to launch in April. The card will allow its users to off-ramp crypto to fiat to make payments and withdraw cash using their cryptocurrency balances.
The Bybit card will operate on the Mastercard network and will support five major cryptocurrencies: BTC, ETH, USDT, USDC, and XRP. Users will be able to debit their crypto balances directly to pay for goods and services at millions of merchants that accept Mastercard, without the need for intermediaries or off-ramp providers.
The card will also enable users to withdraw cash from ATMs that support Mastercard. Users will be able to choose between two withdrawal options: instant conversion or fixed conversion. Instant conversion will convert the user’s crypto balance into fiat currency at the current market rate at the time of withdrawal. Fixed conversion will allow users to lock in a favorable exchange rate before withdrawing cash.
Bybit’s 360° Crypto Journey
Bybit CEO Ben Zhou said that the launch of the card is part of Bybit’s vision to provide a seamless and convenient experience for its customers. He said: “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.”
The card will be available for clients in eligible countries in Europe and the UK who have completed the necessary KYC and AML procedures. Payment requests will automatically convert balances in these digital assets into EUR or GBP, depending on the client’s country of residence. Users can apply for the card through their Bybit account on either the website or the app.
The launch came barely two days after Bybit announced that it had suspended USD deposits via bank transfer due to technical issues with its payment processor. In the notice, Bybit noted that “Withdrawals via Wire Transfer (including SWIFT) will also be suspended on Mar 10, 2023, 12 AM (midnight) UTC.”
However, users can continue to make USD deposits via the Advcash Wallet, or buy crypto with their bank cards.
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Samwel
Samwel is a seasoned financial analyst with over 5 years of experience covering the global stock market, Forex, and crypto market.
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