Bybit launches new debit card on Mastercard network, allowing for ATM withdrawals and payments linked to cryptocurrency holdings.
) and Ripple balances on user accounts. Payments will automatically convert the balances of these initial cryptocurrencies into euros or pounds, depending on a user’s country of residence.
ATM withdrawals and global payments will be limited to aggregated cryptocurrency holdings of a user’s Bybit account. The cards are issued by London-based payments solutions provider Moorwand. The roll-out of Bybit’s virtual and physical debit card offering comes days after the Dubai-based exchange announced that it would be halting U.S. dollar bank transfers. The suspension of dollar deposits and withdrawals was pinned on ‘service outages’ by one of its processing partners.
Bybit users can continue to make USD deposits using Advcash Wallet or with credit cards, while users were urged to carry out any pending U.S. dollar wire withdrawals by March 10. United States-based crypto exchanges and businesses were affected when Silvergate Bank announced the discontinuation of its digital assets payment network on March 4.at the end of February 2023 suggests that both Mastercard and Visa would hold off on announcing or embarking on further direct partnerships with the cryptocurrency and blockchain industry.
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