Days after halting USD transfers on its platform, Bybit is set to introduce Mastercard-powered debit cards that will let customers utilize their cryptocurrency holdings to make purchases of goods and services and also to withdraw cash.
When used to make purchases of goods and services, the Bybit Card will utilize the Mastercard network to enable fiat-based transactions by debiting cryptocurrency balances.
A free virtual card for internet purchases is offered as part of the service, and actual debit cards will be made available in April 2023.
The service will accept user account balances for Bitcoin, Ethereum, Tether USDT, USD Coin, and Ripple (XRP). Depending on the user’s country of residency, payments will immediately convert the balances of these initial cryptocurrencies into euros or pounds.
ATM withdrawals and international transfers are restricted to a user’s total cryptocurrency holdings in their Bybit account. The company that issues the cards is called Moorwand, and it is situated in London.
A few days after Bybit, a Dubai-based exchange announced that it will stop accepting bank transactions in US dollars, it has begun rolling out its virtual and physical debit card offerings. One of its processing partners blamed “service disruptions” for the halt in dollar deposits and withdrawals.
Users of Bybit were asked to complete any pending U.S. dollar wire withdrawals by March 10 while they could still make USD deposits using Advcash Wallet or credit cards.
The closure of Silvergate Bank’s digital assets payment network, which was announced on March 4, had an impact on cryptocurrency exchanges and companies with US locations.
A report from the end of February 2023 claims that Visa and Mastercard will postpone or cancel any additional direct ties with the cryptocurrency and blockchain industries.
Via new agreements, Mastercard has been investigating USDC payment possibilities, and Visa has made hints about plans to enable consumers to exchange cryptocurrencies for fiat on its network starting in 2023.
