Days after discontinuing USD transactions, Bybit releases a debit card powered by Mastercard.

  • Users of the new crypto debit card will be able to utilise digital currency to pay for products and services.
  • On Saturday, Bybit abruptly stopped USD transactions.
  • Users of Bybit can still deposit USD via alternative methods.

One of the biggest centralised cryptocurrency exchanges in the world, Bybit, has seen ups and downs recently.

The exchange abruptly declared on Saturday that it would stop accepting USD transactions because of “service disruptions from a partner.” Users of Bybit have until March 10 to withdraw US dollars via wire transfers.

Users may still deposit USD via Advcash Wallet or a credit card, according to the exchange.

Who partner Bybit was referring to is unknown. But, it’s probable that it was referring to Silvergate, the US cryptobank that has been in danger of failing ever since the FTX fiasco in November.

When asked about its “capacity to continue as a going business,” Silvergate stated last week that it was doing so. Following the announcement, Silvergate lost a number of partners, including Coinbase, Paxos, and Circle. Perhaps Bybit also made the decision to cut ties with Silvergate.

Days after halting USD transactions, Bybit shocked its user base with a brand-new offering: a cryptocurrency debit card.

Bybit Launches Debit Card Powered by Mastercard

Bybit announced the release of its Bybit Card, a cryptocurrency debit card that is powered by Mastercard, on Monday.

Users will be able to debit their crypto balances directly to pay for products and services in cryptocurrencies including BTC, ETH, USDT, USDC, and XRP with the card, which will be issued by Moorwand.

Depending on the client’s country of residency, payment requests immediately convert any remaining balances in these digital assets into either EUR or GBP. Customers who have finished the required KYC and AML processes and are located in approved countries in Europe and the UK will be able to use the card.

The exchange is convinced that its cutting-edge payment solutions, including Bybit Card, will enhance people’s lives, according to Ben Zhou, co-founder and CEO of Bybit.

Bybit customers will be able to handle their money more quickly, safely, and easily. Bybit Card will provide our users with a 360-degree journey that offers next-level dependability, goods, and chances. We are sure that these cutting-edge payment options will make a difference in people’s lives and pave the way for a better future for cryptocurrency and finance.

According to Bybit, it is the third-most popular exchange globally.

On the other hand

  • It is unknown why Bybit chose to stop USD transfers or when they would start up again.

Why It’s Important

One of the most popular centralised crypto exchanges in the world is called Bybit. Introducing a cryptocurrency debit card will promote cryptocurrency acceptance globally.

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