Cryptocurrency exchange Bybit is set to launch a new crypto-enabled debit card with the help of Mastercard to help customers withdraw and make crypto payments with their holdings.
Operating on the Mastercard network, the new Bybit debit card will allow fiat to crypto transactions when making purchases with either currency.
The Bybit crypto card will allow Bitcoin, Ethereum, Tether, USD Coin and XRP holders the ability to interact and transact with their crypto tokens on a dedicated user account, with payments converting into pounds or euros into one of the aforementioned supported cryptocurrencies.
“Bybit users will be able to access and manage their funds faster, more securely, and more conveniently,” said Ben Zhou, Co-Founder and CEO of Bybit.
“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.”
The new card also supports ATM withdrawals in limited locations across the globe, as well as being fully-functional in being able to make transactions in a variety of countries.
The debit cards are issued by Moorwand – a London-based payments provider – and will begin their rollout with an initial virtual card tutorial, before physical debit cards reach customers’ hands by April 2023.
Christian Rau, Senior Vice President, Fintech and Crypto at 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.”