Cryptocurrency exchange Bybit and fintech Mastercard have announced the launch of a crypto debit card. The Bybit card will allow residents of Europe and the UK to make purchases at over 90 million stores or withdraw fiat from ATMs. The virtual version of the Bybit Card was launched on March 6 and the physical version will be available next month.
A crypto card with multiple benefits in the EU and the UK
The advantages of cryptocurrencies in terms of an easy, fast and inexpensive means of payment are undeniable. The growing interest of fintechs in the payments industry in the crypto sector is just one indicator of this. This rush to the crypto industry continues.
In a statement released this March 06, 2023, cryptocurrency exchange Bybit announced a partnership with Mastercard to launch a crypto debit card. Issued by Moorwand and powered by the Mastercard network, the Bybit Card will be available in Europe and the UK.
For now, only the virtual card has been launched. The physical version of the Bybit Card, meanwhile, will be available in April. Moreover, only five cryptocurrencies are supported by the card. These include BTC, ETH, USDT, USDC, and XRP. Bybit does not rule out the possibility of adding more cryptocurrencies in the future.
Only residents of the European Union and the United Kingdom are eligible for the Bybit Card. Those of them who want the Bybit Card will just need to associate an email address and phone number with their Bybit account, set up two-factor authentication and fulfill the Level 2 KYC requirements the platform put in place last December.
Bybit’s crypto card has several benefits for crypto holders. With the Bybit Card, Bybit exchange users will be able to easily make purchases at over 90 million businesses in the Mastercard network. They will also have the ability to withdraw fiat from various ATMs. Bybit also announces that its crypto card enhances the security of funds through EMV 3-D Secure software. Thanks to the loyalty program, Bybit Card users will also be eligible for various gifts.
A card that makes crypto more accessible and modernizes payment
Bybit and Mastercard have officially responded to the launch of the Bybit Card. Ben Zhou, co-founder and CEO of Bybit, sees the card as facilitating secure and convenient access to crypto. He hopes that this innovation will advance the crypto and financial industry.
Bybit users will be able to access and manage their funds faster, more securely and conveniently. We believe that these innovative payment solutions will improve people’s lives and are a step towards a better future for crypto and finance.Ben Zhou, co-founder and CEO of Bybit.
For its part, Mastercard believes that the Bybit Card democratizes payment by allowing shoppers and merchants to pay or be paid however they want and securely. Christian Rau, one of the heads of Mastercard fintech in Europe has no doubt that crypto will revolutionize the payment industry.
Mastercard allows customers, merchants and businesses to move digital value – traditional or crypto – however they want, with the confidence that they are doing so securely. With launches like this one, we’re excited to continue innovating in payments by making digital assets more accessible across the ecosystem.Christian Rau, senior vice president, Fintech and Crypto, Mastercard Europe.
Given its benefits, the Bybit Card is a boon for eligible users and the ecosystem as a whole. It is also proof that despite the concerns raised due to the big layoff, and the restrictions placed on its users, Bybit remains ok and committed to promoting a healthy crypto ecosystem.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.