Bybit, a leading cryptocurrency exchange, joins other major crypto exchanges in the Crypto Debit Card market. The card will allow users to make fiat-based transactions by debiting cryptocurrency balances, eliminating the need to convert crypto holdings into fiat currencies. The service begins with the launch of a free virtual card for online purchases, while physical debit cards will be available in April 2023. The Bybit debit card operates on the Mastercard network, withdrawals and global payments will be limited to cryptocurrency holdings in a user’s Bybit account.
How the Bybit Debit Card Works
Bybit‘s new debit card offers a convenient and seamless way for crypto enthusiasts to make everyday purchases. The card will operate on the Mastercard network and allow fiat-based transactions by debiting cryptocurrency balances when used to pay for goods and services. The card works with Bitcoin, Ether, Tether, USD Coin, and XRP balances on user accounts. When used for payments, the card will automatically convert these balances into euros or pounds depending on a user’s country of residence.
Benefits of the Bybit Debit Card
The Bybit debit card offers numerous benefits for users, including the ability to make instant cash withdrawals and payments using their crypto holdings. This eliminates the need for users to convert their crypto holdings into fiat currencies, providing a more convenient and seamless user experience. The service begins with the launch of a free virtual card for online purchases, while physical debit cards are set to be available in April 2023.
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Bybit’s Recent Changes
Bybit’s new debit card launch comes on the heels of a recent announcement that it will halt U.S. dollar bank transfers due to service outages by one of its processing partners. However, users can still make USD deposits using Advcash Wallet and credit cards, but any pending U.S. dollar wire withdrawals must be carried out by March 10. The recent discontinuation of Silvergate Bank’s digital assets payment network has also affected U.S.-based crypto exchanges and businesses.
In conclusion, Bybit’s new debit card offering provides a more accessible and convenient way for crypto enthusiasts to spend their holdings. The card’s automatic conversion of crypto balances into fiat currencies eliminates the need for users to go through the hassle of exchanging their digital assets for cash. As the industry continues to evolve, it will be interesting to see how other players in the space react and adapt to the changing landscape of digital finance.