- In the wake of the US dollar transfer suspension, Mastercard and Bybit launched a crypto debit card
- The card can deduct crypto holdings from accounts during transactions
- The launch of the crypto debit card followed after Bybit announced it will no longer accept US dollars for bank transactions
Bybit has unveiled a debit card backed by Mastercard, allowing customers to directly deduct cryptocurrency from their wallets instead of going through exchanges or off-ramp providers. The virtual card is free, and a physical one will be available in April of this year. Clients in eligible countries from Europe and the UK can access it after completing the necessary KYC/AML processes to ensure the accounts are fully secured and away from the purposes of heinous financial acts.
The launch comes just days after Bybit halted US dollar transactions because of “service outages.” Customers were asked to make all outstanding wire withdrawals by March 10. This was preceded by Silvergate Bank announcing at the end of February that it would halt its digital assets payment network after it failed to file its annual 10-K report, raising suspicions of a possible bankruptcy filing.
In addition to Bitcoin, Ethereum, Ripple, Tether, and the US Dollar Coin, more coins are expected to be supported. Using Bybit Card will also facilitate currency conversion from digital assets to fiat money for customers in Europe or UK who request payments at point-of-sale locations.
Visa and Mastercard on Supposed Crypto Support
Rumors have been lingering that payment service giants Visa and Mastercard were supposed to expand their reach to the cryptocurrency world but were put on hold due to concerns about long-term industry viability. However, Mastercard is currently exploring partnerships that allow payments with USDC tokens, while Visa aims for crypto-to-fiat conversions for customers in 2023.
While both companies appear receptive to cryptocurrencies, there are still many questions regarding how they plan to incorporate them into their existing services and whether they will recognize more coins beyond well-known cryptocurrencies like Bitcoin and Ethereum and stablecoins, including Tether and USD Coin. More clarity may come when they announce further details of their partnerships and initiatives in the upcoming months.
Bybit in a Nutshell
Bybit is an online cryptocurrency derivatives trading platform that provides users with an advanced and secure way to trade digital assets in the crypto market. Bybit is dedicated to creating a fair and transparent trading environment for all its users by using the latest technology, providing 24/7 customer support, and providing reliable, stable trades.
Although relatively new compared to some of its major competitors, Bybit has quickly established itself as a leading cryptocurrency derivatives trading platform due to its user-friendly features, intuitive interface, low fees, and fast execution speeds.
Additionally, Bybit has integrated several innovative products, such as multiple order types, margin trading capabilities, and a social copy trading platform, making it stand out among other media on the market. It is also one of the most used crypto exchanges in the Middle Eastern region.