Bybit, the world’s third-largest cryptocurrency exchange, has partnered with Mastercard to launch a debit card. This will make spending cryptocurrencies as easy as using traditional credit or debit cards.
The Bybit debit card, powered by Mastercard and issued by Moorwand, will allow users to convert their cryptocurrency holdings into fiat currency, enabling them to make purchases or withdraw cash from ATMs. The card is expected to be available initially to users in the UK and other eligible European countries who are KYC and AML compliant.
The move is a significant step forward in the crypto payments sector, which has faced challenges in gaining mainstream acceptance due to concerns around security and ease of use. Bybit’s partnership with Mastercard is a testament to the faith being placed in the sector’s potential to innovate and offer solutions for the broader financial services industry.
Bybit co-founder and CEO Ben Zhou said the launch of the Bybit Card would offer users a “full 360-degree journey,” providing greater convenience, reliability, and opportunities for users. He added that he was confident the card’s innovative payment solutions would improve people’s lives and take the crypto and finance sectors towards a brighter future.
Mastercard Europe’s Senior Vice President, Fintech and Crypto, Christian Rau, said that the company was excited to continue innovating in payments by making digital assets more accessible across the ecosystem. He added that Mastercard enabled customers, merchants, and businesses to move digital value, traditional or crypto, safely and securely.
The Bybit debit card is expected to support popular cryptocurrencies, including BTC, ETH, USDT, USDC, and XRP, with more expected to be added in the future. Bybit has already launched a virtual card, with physical cards expected to be mailed out to customers in April.
The partnership between Bybit and Mastercard is an exciting development for the crypto payments sector, and a sign of the continued progress being made toward bringing cryptocurrency payments into the mainstream.
With greater convenience, security, and accessibility, the Bybit debit card offers an important step forward in realizing the potential of cryptocurrencies to revolutionize the financial services industry.