Crypto exchange Bybit has launched the first phase of the rollout of Mastercard crypto-to-fiat debit card, which supports a number of blue-chip cryptocurrencies
A new offering from the crypto exchange Bybit – Bybit Card – is supported by Mastercard and is already available for clients from eligible countries of Europe in its virtual form.
Bybit Card enables users to convert their crypto into fiat at the point of sale and ATMs. It currently supports the most popular and reliable cryptocurrencies including BTC, ETH and XRP, as well as stablecoins USDT and USDC.
Bybit Card owners would be able to pay with crypto at over 90 million locations worldwide where Mastercard is accepted, using funds directly from their Bybit accounts. No additional wallet or account is needed. Besides, the company offers additional perks including loyalty rewards points on purchases and unique partner offers.
As users initiate payment requests, the card payment system will automatically convert crypto balances into either EUR or GBP, depending on the customer’s country of residence.
The first phase of the rollout is the release of virtual cards for online shopping, while a physical plastic card is expected to launch in April. Apple Pay and Google Pay integration is also planned for Q2 2023.
Crypto-to-fiat banking cards are gaining traction. Last month, Unbanked, which provides card issuance and program management services for Web3 companies, partnered Mastercard to facilitate the issuance of crypto cards in Europe.