Bybit has announced the launch of debit cards powered by Mastercard that will allow users to make payments and withdraw cash using their cryptocurrency holdings. The Mastercard-powered card will enable fiat-based transactions by deducting cryptocurrency balances when used for purchasing goods and services. Initially, the service will provide users with a free virtual card for online transactions, with physical debit cards to be available in April 2023.
These cards will convert balances of selected cryptocurrencies automatically into euros or pounds, based on the user’s country of residence.
Withdrawals from ATMs and global payments will be subject to the aggregated cryptocurrency holdings in a user’s Bybit account. Moorwand, a London-based payments solutions provider, will issue the cards. Bybit’s announcement of the virtual and physical debit card offerings came shortly after halting USD transfers following service outages by one of its processing partners. While USD deposits can still be made using Advcash Wallet and credit cards, pending U.S. dollar wire withdrawals must be completed by March 10.
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In other news, Silvergate Bank’s decision to discontinue its digital assets payment network on March 4 impacted crypto exchanges and businesses in the US. However, a report in late February 2023 stated that Mastercard and Visa were delaying direct partnerships with the blockchain and cryptocurrency industry. Despite this, Mastercard has been exploring payment options in USDC through new collaborations, while Visa has hinted at plans to allow customers to convert cryptocurrencies into fiat on its platform in 2023.
