- In a recent press release, Bybit cryptocurrency exchange announced the launch of a Bybit debit card, powered by Mastercard.
- Bybit reveals that plans to launch a physical card in April are currently ongoing.
Cryptocurrency exchanges are creating more innovative gateways for users of their platforms, to make cryptocurrency trading and crypto usage, in general, easy and seamless. Most recently, Bybit, the third most visited cryptocurrency exchange in the world, has just launched a very important debit card. Bybit made the announcement in a recent press release, noting that the debit card is powered by the leading payment network processor Mastercard.
The debit card was issued by Moorwand, an FCA-regulated e-money institution and payments solution provider offering Bin Sponsorship and Digital Banking services.
Using the Bybit debit card, users will be allowed to off-ramp cryptocurrencies into the fiat world, to make it easy to withdraw cash from ATMs and make purchases.
The process of debiting crypto is going to be a lot easier using the Bybit Card. The card will allow users to evade intermediaries and other off-ramp providers. This will make it possible for users to debit their crypto balances directly, to pay for goods and services.
Bybit looks to offer ease for customers using the debit card while making plans to launch a physical card in Aprilokay
The card will be made available to clients in eligible countries in Europe and in the UK, who have successfully completed the necessary Know your customer (KYC) and Anti-money laundering (AML) procedures.
The card will also initially be made available to a select few blue-chop cryptocurrencies including BTC, ETH, USDT, USDC, and XRP. Spending on the country of residence of the customers, when payment requests are made, the balance will automatically be converted in the aforementioned digital currencies, into EUR or GBP. The press release further noted.
Bybit launched its free virtual card today allowing for online purchases, with a physical card planned to launch in April. The plastic cards will be mailed directly to clients and allow them access to ATM withdrawals as well as spending at merchants worldwide with spending limits aggregated across currencies held in their Bybit account.
Ben Zhou, the founder-founder and CEO of Bybit remarked that the move makes it possible for Bybit users to access and manage their funds faster, more conveniently, and even more securely. The launch of the Bybit Card will create a full 360-degree journey for Bybit users that will provide reliability, products, and opportunities, he added.
Christian Rau, Senior Vice President, Fintech and Crypto, Mastercard Europe also made some notable comments, saying
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Mastercard enables customers, merchants, and businesses to move digital value — traditional or crypto — however they want, with the confidence that they are doing so safely and securely. With launches like this, we’re excited to continue to innovate in payments by making digital assets more accessible across the ecosystem.
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