Singapore-based cryptocurrency exchange Bybit has announced the launch of its new debit card that will allow users to make payments and withdraw cash using their cryptocurrency holdings. The Bybit card will operate on the Mastercard network and will initially enable fiat-based transactions by debiting cryptocurrency balances when used to pay for goods and services. The new service begins with the launch of a free virtual card for online purchases, while physical debit cards will be available in April 2023. The card will work with Bitcoin, Ether, Tether, USD Coin, and XRP balances in Bitcoin accounts. user. Payments made with the Bybit card will automatically convert the balances of these initial cryptocurrencies into euros or pounds, depending on the user’s country of residence.

ATM withdrawals and global payments will be limited to the aggregate cryptocurrency holdings of a user’s Bybit account. The cards will be issued by London-based payment solutions provider Moorwand. Bybit’s move into the debit card space comes just days after the exchange announced the suspension of US dollar bank transfers, citing “service outages” by one of its processing partners. Bybit users can continue to make USD deposits using Advcash Wallet and credit cards, while users are encouraged to make any pending US dollar withdrawals by March 10.

The virtual and physical debit card offerings are a big step forward for Bybit, allowing users to seamlessly use their cryptocurrency holdings in the real world. This move follows a report in late February 2023 suggesting that Mastercard and Visa would refrain from announcing or embarking on any new direct partnerships with the cryptocurrency and blockchain industry. However, Mastercard has been exploring USDC payment options through new partnerships, while Visa has hinted at plans to allow customers to convert cryptocurrency to fiat on its platform in 2023.

Overall, Bybit’s new debit card offering is a significant development for the cryptocurrency industry, as it marks an important step towards integrating digital assets into everyday life. The ability to use cryptocurrency for everyday transactions has long been seen as a key milestone in the development of the industry, and the Bybit card is an important step in achieving that goal. As the popularity of cryptocurrencies continues to grow, it is likely that we will see more companies launching similar services in the coming years.