Bybit has released a debit card that can be used to make purchases using the Mastercard network, allowing customers to directly debit funds from their cryptocurrency wallets.
The launch of the virtual and physical debit cards comes days after the Dubai-based exchange announced it will stop accepting bank transactions in U.S. dollars.
Bybit-Mastercard: How It Works
Bybit has made available a free virtual card that can be used for online purchases, while a real card is expected to be released in April.
Customers in qualified countries in Europe and the UK will be able to access it after completing the requisite KYC/AML processes.
Image: Watcher Guru
Also, users can get a plastic card delivered to them in the mail which can be used at any ATM and merchant globally, up to the combined spending limit of all the currencies in their Bybit account.
The first currencies to be supported are Bitcoin (BTC), Ethereum (ETH), Tether (USDT), the U.S. Dollar Coin (USDC), and Ripple (XRP). If a customer from Europe or the UK submits a payment request, their digital asset balance will be converted into the relevant fiat currency at the time of the request.
In the future, more coins may be included.
Why Bybit Halted Dollar Deposits
Dollar deposits and withdrawals were temporarily disabled by Bybit due to “service outages,” it said in an announcement. Advcash Wallet and credit cards will still be accepted for making deposits, while customers of Bybit were asked to complete any outstanding wire withdrawals of U.S. dollars by March 10.
Last week, crypto exchanges and businesses were affected when Silvergate Bank announced it would be ending its digital assets payment network. The postponement of Silvergate’s filing of its annual 10-K financial report this week sparked increased concerns that a liquidity issue could lead to bankruptcy protection.
Bitstamp, Circle, Coinbase, Galaxy Digital, and Paxos subsequently announced that they would be limiting their collaboration with the bank.
