Cryptocurrency exchange Bybit has partnered with leading payment processor Mastercard to launch a debit card that makes cryptocurrency payments easy.
These cards would reportedly allow users to pay for goods and services using their cryptocurrencies. However, this payment process does not support direct payments in digital currencies. Instead, the payment process has users convert their cryptocurrencies into fiat money at the point of sale (POS) and at ATMs.
The launch of the Bybit crypto card begins with the launch of virtual cards for online purchases in eligible European countries. However, the exchange plans to launch a physical plastic card in April that also supports crypto-to-fiat conversion payments. Supported digital currencies include Bitcoin (BTC), Ether (ETH), Tether (USDT), USD Coin (USDC), and Ripple token XRP.
Speaking about the new development, Ben Zhou, co-founder and CEO of the Dubai-based exchange, said:
“Bybit users will be able to access and manage their funds faster, more securely and more conveniently. By launching Bybit Card, we are creating a complete 360-degree journey for our users, offering next-level reliability, products and opportunities.”
Zhou also expressed optimism about Bybit’s latest payment scheme as an enabler of further adoption of mainstream crypto. As the CEO of the exchange said:
“We are confident that these innovative payment solutions will improve people’s lives and are a step towards a brighter future for cryptocurrency and finance.”
Online virtual Bybit payment cards are now available and free to use. These cards automatically convert crypto balances into EUR or GBP, depending on whether the customer resides in Europe or the UK. In addition, the cards are issued by Moorwand, a London-based provider of payment solutions.
Bybit Crypto Card Development Comes Amid Suspension of USD Deposits
However, the development of the Bybit card comes amid the suspension of US dollar deposits by the crypto exchange. Days ago, Bybit stopped USD transfers for clients due to problems with their service bank. Addressing the suspension of dollar deposits and withdrawals, Bybit explained:
“We have temporarily suspended USD deposits via bank transfer (including Swift) due to service outages from our endpoint processing partner until further notice.”
However, users of the Dubai-based exchange can continue to deposit dollars with Advcash Wallet and credit cards. In addition, users are also advised to execute all pending USD wire withdrawals before March 10.
Silvergate Bank’s recent announcement to discontinue its digital asset payment network affected several US-based exchanges and companies. Among these businesses is Bybit’s most prestigious rival, Binance, which also halted dollar transfers.
Reports also indicated that Mastercard (NYSE: MA) and payment processing giant Visa (NASDAQ: V) were pulling back on the crypto industry amid a market-wide crisis. The duo have halted new crypto and blockchain partnerships until market conditions improve. Furthermore, Mastercard and Visa are not interested in pursuing further crypto partnerships until a more transparent regulatory framework is in place.
Mastercard is looking to enable Web3-enabled crypto payments via USDC settlements, while Visa plans to facilitate crypto-to-fiat conversions on its platform.
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Tolu is a Lagos-based blockchain and cryptocurrency enthusiast. He likes to demystify the crypto stories down to the basics so that anyone anywhere can understand them without too much prior knowledge. When he’s not up to his neck in crypto-stories, Tolu likes music, loves to sing, and is an avid movie buff.
