Last Updated on March 6, 2023 by Bitfinsider
Bybit will release a new debit card that will enable users to make purchases and receive cash using their bitcoin assets.
The Bybit card will function on the Mastercard network and will enable fiat-based transactions by debiting bitcoin amounts when paying for products and services. The service commences with the release of a free virtual card for online transactions; physical debit cards are scheduled to be made accessible in April 2023.
The application supports Bitcoin, Ether, USDT, USDC and XRP balances on user’s account.
Depending on a user’s nation of domicile, payments will instantly convert the balances of these original cryptocurrencies into euros or pounds.
Withdrawals from ATMs and worldwide payments will be restricted to a user’s Bybit account’s total bitcoin assets.
Bybit’s launch of virtual and real debit cards follows the Dubai-based exchange’s announcement that it would cease U.S. currency bank transfers. One of its processing partners blamed “service interruptions” for the halt of dollar transfers and withdrawals.
Bybit customers can continue to make USD payments with Advcash Wallet and credit cards, but they must complete any outstanding USD wire withdrawals by March 10.
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