Bybit, the third most accessed crypto exchange, has today announced a partnership with payments giant Mastercard. This will allow users to spend their crypto with a Bybit credit card.
Amid all the bad news for crypto the sector continues to build out, and the latest partnership between the Bybit exchange and Mastercard is testament to the faith that is being put into the innovative crypto payments sector.
The Bybit debit card, which is powered by the Mastercard network and issued by Moorwand, will enable users to off-ramp their crypto in order to use it to make purchases or take cash out of ATMs.
The first customers to be eligible for the Bybit debit card will be those who are KYC and AML compliant and who are resident in the UK or other eligible countries in Europe.
In a press release published earlier today, Ben Zhou, co-founder and CEO of Bybit said:
"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 stated:
"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 launched its virtual card today, while physical cards will be mailed out to customers in April. To begin with, cryptocurrencies that can be used with the card will include: BTC, ETH, USDT, USDC, and XRP, with others expected to be made available in the future.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.