Bybit has announced that they want to release a new debit card that will allow users to make payments with cryptocurrencies.
Multiple cryptos currently already supported
The Bybit card leverages the Mastercard network and allows users to conduct fiat transactions by debiting their cryptocurrency balances for the purchase of goods and services. The launch will begin with a free virtual card for online purchases, while physical debit cards are expected to be available from April 2023.
The service currently supports Bitcoin, Ethereum, Tether, USD Coin, and Ripple (XRP) balances on user accounts. Payments are automatically converted to Euros or Pounds depending on the user’s country of residence, with the balances of said cryptocurrencies serving as the initial currency. It is possible that the number of cryptocurrencies that can be used on the card will expand in the future.
In turn, ATM withdrawals and global payments are limited to the aggregated cryptocurrency holdings of a user’s Bybit account. The cards are issued by London-based payment solutions provider Moorwand.
Remarkable timing
The timing of the issue of this payment card can perhaps be called remarkable. The news comes just days after it was announced that the exchange would stop bank transfers in US Dollars ($). The suspension of Dollars deposits and withdrawals was pinned to “service outages” by one of its processing partners.
Bybit users can continue to make USD deposits via Advcash Wallet or credit cards. However, it is advised that users complete any pending US dollar withdrawals before March 10 this year.
