Bybit, the third most popular cryptocurrency exchange, announced the launch of a debit card issued by Moorwand and powered by Mastercard.
According to a March 6 press release, users can easily switch from cryptocurrency to fiat and withdraw cash from ATMs with this card.
Bybit Card allows consumers to bypass intermediaries and other off-ramps providers by making direct payments using their cryptocurrency holdings. This service will be available to clients in the UK and Europe who have passed the KYC and AML requirements.
The Bybit Card will support a core set of cryptocurrencies upon launch. This includes BTC, ETH, and USDT. In the future, more cryptocurrencies will be supported. If a payment is required, the client’s balance in digital assets will be converted immediately into Euros or British Pounds, depending on their location.
Bybit will begin shipping the physical card in April. Customers will receive the cards by mail. They will have access to ATM withdrawals and can spend at merchants worldwide. Spending restrictions will be applied to all currencies in their Bybit accounts.
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.”
The move comes after VISA launched Bitcoin and crypto cards in the UK in February and in 40 countries.
Although they made many advances in opening up their businesses to the cryptocurrency sector, it was rumored that the payment giants would halt further ventures into the sector because of concerns over its stability. Visa has since reaffirmed its commitment to crypto and denied reports that it would halt its efforts to promote cryptocurrency due to market uncertainty.