To introduce a crypto debit card that supports cryptocurrency payments, cryptocurrency exchange Bybit has collaborated with one of the top payment processors, Mastercard. Customers in some nations in the U.K. and Europe who have finished the required AML and KYC procedures are eligible to use the Bybit Card.
Bybit Launches Crypto Debit Card in Partnership with Mastercard
According to rumors, these cards would let users utilize their cryptocurrency holdings to pay for goods and services. Direct payments made using digital currencies are not supported by this payment method, nevertheless. Users exchange their cryptocurrency for fiat at POS and ATMs as part of the payment process.
Until April, when Bybit introduces a physical card, online purchases will be made using the virtual card. The physical cards, which have spending limits that are calculated across all of the cryptocurrencies in the owners’ Bybit accounts, will be delivered to them and used for ATM withdrawals and purchases at merchants purchases around the world.
“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.”
Ben Zhou, Bybit co-founder, and CEO
About the Card
The Bybit Card will initially be supported by a limited number of cryptocurrencies, including BTC, ETH, XRP, USDC, and USDT, according to a press statement from the exchange dated March 6. On the other hand, virtual Bybit cards for usage online are currently available and cost nothing. Depending on whether the customer lives in Europe or the UK, these cards instantly convert cryptocurrency balances into EUR or GBP. Moreover, Moorwand, a London-based provider of payment solutions, issues the cards.
Leave a comment