Just days after announcing the end of USD deposits, the Bybit platform continues to make headlines. This time it is a promising partnership with Mastercard.
In fact, Bybit plans to launch a debit card powered by Mastercard, which will give customers the ability to pay bills with cryptocurrencies.
Mastercard – Bybit: a marriage of convenience?
The launch of the new Bybit debit card will make it easier for cryptocurrency holders to pay and withdraw money. The Bybit card operation will rely on the Mastercard network and guarantee transactions based on fiat currency.
The cryptocurrency funds will be debited automatically when paying for goods and services with the future cryptocurrency card. Bybit's roadmap could change depending on what's new in cryptocurrencies. For now, however, the company plans to initially issue a free virtual card for online purchases.
As for the physical debit card, its availability will only be effective from April 2023. Users who hold cryptocurrencies in their Bybit accounts will be able to benefit from global payments and ATM withdrawals.
In other words, the Bybit Card will allow customers of the cryptocurrency platform to draw on their cryptocurrency balances (USDT, ETH, BTC, XRP and USDC – here the quotations in real time) to make purchases at all points of sale that accept cards in the Mastercard network.
Moorwand, a British FCA-regulated payment solutions provider, will issue the first cards. Ben Zhou, co-founder and CEO of Bybit, explains the project:
“Bybit users will be able to access and manage their funds in a faster, safer and more convenient way (…) With the launch of Bybit Card, we are creating a complete 360-degree journey for our users, offering reliability, products and opportunities for upper level. We believe these innovative payment solutions will improve people's lives and are a step towards a better future for cryptocurrencies and finance."
Mastercard once again in crypto: is it a good idea?
The introduction of Bybit's virtual debit card solution comes just days after the cryptocurrency platform announced it was suspending dollar bank transfers.
In late February 2023, a report implied that giants Visa and Mastercard would abstain from making announcements or agreeing to new partnerships with blockchain and crypto industry players.
However, Mastercard is reportedly experimenting with USDC payment options stemming from other partnerships. Visa, on the other hand, has suggested the introduction of services that give customers the possibility of guaranteeing the conversion of their cryptocurrencies into fiat currency.
After the announcement of the launch a few hours ago, the opinion on the Bybit Card in general remains positive, even if the use of the cryptocurrency card is initially limited to Europe.
Christian Rau, Mastercard Europe's Senior Vice President for Fintech and Cryptocurrencies, comments on the partnership:
“Mastercard allows customers, merchants and businesses to move digital value – traditional or cryptographic – however they want, with the certainty of doing so securely. With launches like this, we are excited to continue to innovate payments by making digital assets more accessible across the ecosystem.”