Cryptocurrency exchange Bybit has launched Bybit Card, a debit card powered by the Mastercard MA network and issued by Moorwand.
The card will allow users to off-ramp their cryptocurrency holdings into fiat currency to make purchases or withdraw cash from ATMs.
Bybit Card will enable users to debit their cryptocurrency balances directly to pay for goods and services, without the need for intermediaries or off-ramp providers.
The card will be available for clients in eligible countries in Europe and the U.K. who have completed the necessary KYC and AML procedures.
Initially, the Bybit Card will support blue-chip cryptocurrencies such as Bitcoin BTC/USD, Ether ETH/USD, Tether USDT/USD, USD Coin USDC/USD, and Ripple XRP/USD.
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Payment requests will automatically convert balances in these digital assets into EUR or GBP, depending on the client's country of residence.
Bybit has launched its virtual card, which is free and available for online purchases.
The physical card will be available in April and will be mailed directly to clients and allow users access to ATM withdrawals and spending at merchants worldwide, with spending limits aggregated across currencies held in their Bybit account.
"By launching Bybit Card, we are creating a full 360-degree journey for our users, offering next-level reliability, products, and opportunities," said Ben Zhou, co-founder, and CEO of Bybit. "We are confident that these innovative payment solutions will improve people's lives and are a step towards a brighter future for crypto and finance."
Christian Rau, senior vice president of fintech and crypto at Mastercard Europe, added: "With launches like this, we're excited to continue to innovate in payments by making digital assets more accessible across the ecosystem."
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Photo courtesy of Bybit.
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