• Bybit, a Dubai based cryptocurrency exchange recently launched their “Bybit Card” – a debit card powered by Mastercard and issued by London-based payments solutions provider, Moorwand.
• The card allows users to make payments and withdraw cash using cryptocurrency holdings and is accepted by over 90 million merchants worldwide.
• Initially, the card supports cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Tether (USDT). It is currently available only to users in the European region and UK.
ByBit Launches Crypto Debit Card
ByBit, a Dubai-based crypto exchange has recently announced the launch of the “Bybit Card” – a crypto payments debit card powered by Mastercard and issued by London-based payments solutions provider, Moorwand. The debit card allows users to make payments and withdraw cash using cryptocurrency holdings.
Acceptance Worldwide
The Bybit Card is accepted by more than 90 million merchants worldwide with payments converted into euros or pounds depending on the user’s country of residency. It enables fiat-based transactions for HODLers enabling them to avoid off-ramp providers and other middlemen.
Supported Cryptocurrencies
Initially, the Bybit Card supports Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Tether (USDT). The announcement comes a week after payment giants Mastercard and Visa declared that they paused new partnerships with the cryptocurrency firms in light of recent market volatility affecting liquidity concerns for crypto exchanges.
ByBit Temporarily Suspends USD Bank Transfers
On March 4th, 2021, ByBit temporarily suspended US Dollar bank transfers due to liquidity challenges faced by Silvergate bank which are expected to improve once market stability returns. In light of this decision taken by ByBit, users can use their crypto debit card without any worries about liquidity issues associated with bank deposits or withdrawals from banks that have partnered up with Silvergate Bank.
Conclusion
The launch of ByBit’s Crypto Debit Card opens up vast opportunities for users who are interested in making secure transactions using cryptocurrencies while avoiding off-ramp providers or middlemen fees associated with traditional banking systems. This also serves as an effective solution for those affected by the suspension of USD Bank transfers due to liquidity concerns caused by recent market volatility affecting Silvergate Bank partners.