- The announcement comes days after the exchange suspended USD deposits and withdrawals.
- Bybit Debit cards would be available in Europe and the UK.
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Cryptocurrency exchange Bybit has launched a debit card powered by the Mastercard network to enable users to purchase goods and services with crypto or withdraw cash at ATMs. The card is issued by the UK-based payment services provider, Moorwand.
Bybit Card would be available in Europe and the UK for users who have completed the required KYC and AML procedures. The service, which the exchange claims to be a solution to bypass intermediaries and other off-ramp services when using crypto in making purchases, would support Bitcoin, Ether, Tether, USD Coin, and XRP.
It would start with a free virtual card launched Tuesday, which already supports online purchases, and a physical card that would be available by April.
Ben Zhou, the co-founder and CEO of Bybit, 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 full 360-degree journey for our users, offering next-level reliability, products, and opportunities.’’
Bybit Card requires a minimum operating balance of 10-pound sterling or euros for payment to go through, charges a conversion fee of 0.9% across payments, and an extra 0.5% forex fee for payments made in foreign currencies. Users applying for the card must provide an email address and a phone number for google two-factor authentication.
Bybit suspension of USD deposits and withdrawals
The launch of Bybit’s virtual and physical card comes a few days after the Dubai-based exchange blocked US dollar wire and bank transfers (including those using SWIFT) due to a service outage from its processing partner. Following the suspension, users have until March 10 to finalize their pending USD redemptions.
Most crypto service providers were affected when Silvergate, currently facing financial problems, announced it was discontinuing its digital payments network. The partnership with MasterCard is seen as part of the solutions Bybit is exploring, despite the former, and Visa, another global payment service provider, having been rumored to pause new collaborations with crypto firms due to market volatility and regulatory uncertainty.
Mastercard has also been exploring the use of stablecoins in facilitating crypto off-ramp services. Last month, the company partnered with Web 3 payments protocol Immersive to enable USD Coin support.
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