Revolutionary Bybit-Moorwand Partnership Brings Mastercard-Backed Crypto Debit Card
- Bybit has announced the upcoming release of a new debit card that will enable users to utilize their cryptocurrency holdings for both making payments and withdrawing cash.
- Bybit has launched a virtual and physical debit card service that will allow ATM withdrawals and global payments.
Bybit has announced the upcoming release of a new debit card that will enable users to utilize their cryptocurrency holdings for both making payments and withdrawing cash.
The Bybit card will function on the Mastercard network, and will facilitate fiat-based transactions by deducting cryptocurrency balances when utilized for the purpose of purchasing goods and services. Initially, the company will offer a virtual card for online transactions that will be completely free of charge, with physical debit cards becoming available in April 2023.
Bybit has launched a virtual and physical debit card service that will allow ATM withdrawals and global payments. However, the amount a user can withdraw or spend will be limited to the aggregated value of their cryptocurrency holdings in their Bybit account. London-based payments solutions provider, Moorwand, has issued the cards.
This new offering follows Bybit’s announcement that it would be halting U.S. dollar bank transfers, citing “service outages” from one of its processing partners. However, users can still make USD deposits using Advcash Wallet and credit cards. The exchange has urged users to carry out any pending U.S. dollar wire withdrawals by March 10.
Meanwhile, United States-based crypto exchanges and businesses were recently affected when Silvergate Bank announced it would discontinue its digital assets payment network as of March 4.
Mastercard and Visa would not be announcing or embarking on further direct partnerships with the cryptocurrency and blockchain industry. While Mastercard has been exploring payment options in USDC through new partnerships, Visa has hinted at plans to allow customers to convert cryptocurrencies into fiat on its platform in 2023.
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