Bybit, the third most accessed cryptocurrency exchange, has announced a collaboration with Mastercard, a leading payments company. The partnership enables Bybit credit card holders to use their cryptocurrency for transactions.
Despite all the negative headlines surrounding crypto, the sector continues to expand. The recent agreement between the Bybit exchange and Mastercard is evidence of the confidence placed in the creative crypto payments industry.
The Bybit debit card, enabled by the Mastercard network and issued by Moorwand, will enable customers to utilize their cryptocurrency to make purchases or withdraw cash from ATMs.
The first users eligible for the Bybit debit card will be KYC- and AML-compliant residents of the United Kingdom and other qualified European nations.
According to a press release, Ben Zhou, the co-founder and CEO of Bybit, expressed that the partnership with Mastercard will provide Bybit users with faster, more secure, and more convenient access to their funds. The introduction of the Bybit Card will offer users a comprehensive experience with reliable products and opportunities. Zhou stated that the innovative payment solutions would enhance people’s lives and represent a step forward for both the crypto and financial sectors.
According to Christian Rau, the Senior Vice President of Fintech and Crypto at Mastercard Europe, the partnership with Bybit enables customers, merchants, and businesses to securely transact digital value, whether it be traditional or crypto, with confidence. He also expressed excitement to continue innovating in the payments sector through launches like this, aiming to make digital assets more accessible for everyone.
Bybit’s virtual card was released recently, while actual cards will be issued to users in April. Initially, the card will support BTC, ETH, USDT, USDC, and XRP, with additional cryptocurrencies expected to become accessible in the future.