Bybit, the world's third most visited crypto exchange, announced on Monday, March 6th, that it has launched the Bybit Card, a debit card powered by the Mastercard network, issued by Moorwand.
In a press release shared with Cryptowisser, Bybit said the debit card would enable its users to off-ramp crypto into the fiat world to make purchases or take out cash from ATMs with ease.
Bybit added that its debit card would enable its users to eliminate intermediaries and other off-ramp providers and debit their crypto balances directly to pay for goods and services. The Bybit Card would be available for clients in eligible countries in Europe and the UK who have completed the necessary KYC and AML procedures.
In the beginning, the debit card would be available for some of the leading cryptocurrencies including BTC, ETH, USDT, USDC, and XRP. The cryptocurrency exchange added that payment will automatically convert balances in these digital assets into EUR or GBP, depending on the client's country of residence.
The cryptocurrency exchange added that it the virtual card is available starting today but will launch the physical card by next month. 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.
While commenting on this latest development, Ben Zhou, co-founder and CEO of Bybit;
"Bybit users will be able to access and manage their funds faster, more securely, and more conveniently. 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."
Bybit is a cryptocurrency exchange that was launched in 2018 and offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. The low Bybit fees make it one of the fastest-growing cryptocurrency exchanges at the moment. Furthermore, Bybit reviews have generally been positive, as the exchange has provided traders with the necessary tools to trade successfully.