Bybit partners with Mastercard and Moorwand to issue crypto debit cards for online and physical purchases
Customers will receive their plastic cards in April of this year.
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Dubai-based cryptocurrency exchange Bybit announces the launch of Bybit Card. The debit card, which allows users to purchase services and goods with cryptocurrency, is powered by the Mastercard network.
With Bybit Card, crypto holders will have the opportunity to skip off-ramp providers and other intermediaries. The service will support Bitcoin, Ethereum, XRP, USDT, and USDC. The crypto will be converted into euros or British pounds when users pay for goods. It’s worth noting that Bybit Card will be available for the European zone and United Kingdom-based users.
To launch the initiative, Bybit issued free virtual cards that can be used for online purchases. In April of this year, the company will send its customers plastic cards, which can be used in over 90 global stores that support Mastercard.
On a side note, the cards will be issued by Moorwand, a London-based payments solutions provider that offers digital banking services.
“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,”said the co-founder and CEO of Bybit, Ben Zhou.
This is a significant partnership for Bybit, as it enables the exchange to tap into Mastercard’s vast network of merchants and partners. The collaboration also gives Bybit a foothold in the growing market for crypto debit cards, which is currently dominated by Binance. On a side note, The largest cryptocurrency exchange partnered with Mastercard in August of 2022. Before that, Binance released its card in Argentina, the first Latin American country to offer the product.
It’s worth noting that on February 28, Mastercard and Visa announced that they would freeze collaborations with cryptocurrency firms due to collapses in the industry and regulatory uncertainty. So, Mastercard’s partnership with Bybit might be the last one we see in an undefined time.
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