Bybit announced the launch of Bybit Card, a debit card powered by the Mastercard network, issued by Moorwand. This card will allow users to off-ramp crypto into the fiat world to make purchases or take out cash from ATMs with ease.
Bybit Card will enable users to skip intermediaries and other off-ramp providers and debit their crypto balances directly to pay for goods and services. It will be available for clients in eligible countries in Europe and the UK who have completed the necessary KYC and AML procedures.
Initially, Bybit Card will be available for a selection of blue-chip cryptocurrencies, namely, BTC, ETH, USDT, USDC, and XRP. Payment requests will automatically convert balances in these digital assets into EUR or GBP, depending on the client’s country of residence.
Bybit launched its free virtual card earlier this week allowing for online purchases, with a physical card planned to launch in April. The plastic cards will be mailed directly to clients and allow them access to ATM withdrawals as well as spending at merchants worldwide with spending limits aggregated across currencies held in their Bybit account.
“Bybit users will be able to access and manage their funds faster, more securely, and more conveniently,” said Ben Zhou, co-founder and CEO of Bybit. “By launching Bybit Card, we are creating a full 360-degree journey for our users, offering next level reliability, products, and opportunities. 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, Fintech and Crypto, Mastercard Europe added “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.”