In a new development today, Bybit launched a new debit card service to facilitate payment and withdrawal for users through their crypto portfolio. As revealed, the latest innovation is powered by Mastercard which will see users make fiat payments through their virtual coin holdings.
Also, the cards are designed by Moorwand, a Fintech organization in London. With the support of Mastercard, the cards will rely on its network in ensuring swift, secure and seamless transactions. Accordingly, users will first have a glimpse of the innovation as Bybit will first roll out a free digital card for online transactions. Consequently, by next month, the cryptocurrency exchange will make the physical card available for interested users.
Furthermore, the card will support a few top cryptocurrencies like Bitcoin, Ethereum, Ripple, and stablecoins like USDT and USDC. In making payments, the innovation is structure to transform the tokens above within a subscriber portfolio into any fiat(s) that are relevant to the transaction. These fiat(s) could either be Euros or Pounds depending on the subscriber’s region or country.
As revealed, the innovation surfaced due to Bybit’s effort to push the adoption of cryptocurrency into a new dimension. The cryptocurrency exchange intends to onboard more users by providing a seamless On and Off ramp crypto platform. Likewise, the innovation will contribute substantially to the adoption of cryptocurrency for payments.
How Bybit suspended USD deposits on its platform
More so, the latest development surfaced shortly after Bybit announced the suspension of USD deposits. Recall that on March 4, the cryptocurrency exchange cited the service outage of its partner as a reason for the suspension. However, Bybit urged users to complete every pending transaction on or before March 10, 2023. This suspension became extended to Wire Transfer as the exchange cited the service outage from the same end-point processing transfer.
Despite the plan to suspend USD deposit, Bybit has rolled out other payment gateways to ease USD deposit stress on users. As indicated, Bybit users can make USD deposits through Advcash Wallet or Credit Cards. The suspension of USD deposits has rocked U.S-based cryptocurrency exchanges in recent times. On March 4, a Reuters report revealed that Silvergate Bank will no longer facilitate virtual coin payment, leaving U.S based exchanges short of USD deposit options. Presently, these affected exchanges are exploring numerous USD deposit gateways to ensure that their users in the U.S are provided with a secured USD deposit option.