- The new crypto debit card will allow users to pay for goods and services with digital currencies.
- Bybit unexpectedly halted USD transfers on Saturday.
- Bybit users can still deposit USD through other means.
Bybit, one of the largest centralized cryptocurrency exchanges in the world, has been on a roller coaster in the past few days.
On Saturday, the exchange unexpectedly announced that it would halt USD transfers due to a “service outages from a partner.” Bybit gave its users until March 10 to withdraw USD through wire transfers.
However, the exchange said users are still welcome to deposit USD through Advcash Wallet or with a credit card.
Bybit didn’t specify which partner it was referring to. Still, it’s possible it was talking about Silvergate, the cryptobank in the U.S. that’s been on the verge of collapse since the FTX debacle last November.
Last week, Silvergate said that it was evaluating its “ability to continue as a going concern.” Following the news, multiple partners like Coinbase, Paxos, and Circle cut ties with Silvergate. Bybit may have also decided to part ways with Silvergate.
However, days after suspending USD transfers, Bybit surprised its community with a new product – a crypto debit card.
Bybit Introduces Mastercard-Powered Debit Card
On Monday, Bybit announced the launching of a Mastercard-powered crypto debit card, Bybit Card.
The card will be issued by Moorwand and allow users to skip intermediaries and other off-ramp providers and debit their crypto balances directly to pay for goods and services in cryptocurrencies like BTC, ETH, USDT, USDC, and XRP.
Payment requests will automatically convert balances in these digital assets into EUR or GBP, depending on the client’s country of residence. The card will be available for clients in eligible countries in Europe and the UK who have completed the necessary KYC and AML procedures.
Ben Zhou, co-founder, and CEO of Bybit, said that the exchange is confident that its innovative payment solutions like Bybit Card will improve people’s lives.
“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.”
Bybit claims to be the third most-visited exchange in the world.
On the Flipside
- It’s unclear why Bybit has decided to halt USD transfers and whether it will resume them soon.
Why You Should Care
Bybit is one of the most used centralized crypto exchanges in the world. Launching a crypto debit card will help spur crypto adoption worldwide.
Read more about Visa’s response to a report that it was suspending crypto plans:
Visa Responds to Report That Its Crypto Plans Are on Hold
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