Bybit has announced that it will soon launch a new debit card that allows users to make payments and withdraw cash using their cryptocurrency holdings.
The card will operate on the Mastercard network and will enable fiat-based transactions by debiting cryptocurrency balances when used to pay for goods and services.
The service will begin with the launch of a free virtual card for online purchases, and physical debit cards are expected to be available in April 2023.
The Bybit card will work with Bitcoin, Ether, Tether, USD Coin, and XRP balances on user accounts. Payments will automatically convert the balances of these initial cryptocurrencies into euros or pounds, depending on a user’s country of residence.
ATM withdrawals and global payments will be limited to aggregated cryptocurrency holdings of a user’s Bybit account. The cards are issued by Moorwand, a London-based payments solutions provider.
The roll-out of Bybit’s virtual and physical debit card offering comes just days after the exchange announced it would be halting 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, while pending U.S. dollar wire withdrawals must be completed by March 10.
The launch of Bybit’s new debit card is a significant move for the cryptocurrency industry, as it provides users with a more convenient way to use their digital assets for everyday transactions.
It also comes at a time when major credit card companies such as Mastercard and Visa are reportedly holding off on further direct partnerships with the cryptocurrency and blockchain industry.
