The third most visited cryptocurrency exchange in the world, Bybit, has announced the release of a debit card issued by Moorwand and powered by the Mastercard (NYSE: MA) network.
Users will be able to easily transition from the cryptocurrency world into the fiat world and make purchases or withdraw cash from ATMs using this card, according to a press release on March 6.
By using Bybit Card, consumers can circumvent the need for middlemen and other off-ramp providers when making direct payments for products and services using their cryptocurrency holdings. Clients in qualifying countries in Europe and the UK who have completed the relevant KYC and AML processes will be able to make use of this service when it becomes accessible.
Upon launch, the Bybit Card will support a core group of cryptocurrencies, including BTC, ETH, USDT, USDC, and XRP. More cryptocurrencies may be supported in the future. In the event that a payment is requested, the client’s remaining balance in these digital assets will be immediately converted into either Euros or British Pounds, depending on where the customer is located.
Cards can be used at merchants globally
Bybit plans to provide the physical card in April, with customers getting the plastic cards in the mail, which will provide them access to ATM withdrawals and spending at merchants globally, with spending restrictions aggregated across the many currencies that are kept in their Bybit account.
Christian Rau, Senior Vice President of Fintech and Crypto Mastercard Europe, stated:
“Mastercard enables customers, merchants, and businesses to move digital value — traditional or crypto — however they want, with the confidence that they are doing so safely and securely. With launches like this, we’re excited to continue to innovate in payments by making digital assets more accessible across the ecosystem.”
Notably, the move follows VISA’s (NYSE: V) decision to launch Bitcoin and crypto cards in the UK and 40 Asia Pacific (APAC) countries back in February.
Despite making multiple advances in opening their business toward the cryptocurrency sector, the payment giants had also been rumored to put on hold their further venturing into the sector due to fears over its stability. However, Visa has since reiterated its commitment to crypto, refuting the reports that it plans to pause its cryptocurrency push due to uncertain market conditions.