Bybit, one of the world’s most visited cryptocurrency exchanges, has recently announced the release of a Bybit Mastercard bitcoin card issued by Moorwand and powered by the Mastercard network. The Bybit Card will allow users to seamlessly transition from the cryptocurrency world to the fiat world and make purchases or withdraw cash from ATMs.
This new card is set to provide an alternative solution to the need for middlemen and other off-ramp providers when making direct payments using cryptocurrency holdings. Bybit’s card is available to clients in qualifying countries in Europe and the UK who have completed the relevant KYC and AML processes.
Bybit Mastercard bitcoin card supports core cryptocurrencies
Initially, Bybit Card will support a core group of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), and XRP. The remaining balance of the client’s digital assets will be immediately converted into either Euros or British Pounds, depending on the customer’s location, in the event of a payment request.
Bybit plans to offer the physical card in April, with customers receiving the plastic cards in the mail. This will provide them with access to ATM withdrawals and spending at merchants worldwide, with spending restrictions aggregated across the many currencies kept in their Bybit account.
Christian Rau, Senior Vice President of Fintech and Crypto Mastercard Europe, has stated that:
“Mastercard enables customers, merchants, and businesses to move digital value—traditional or crypto—however they want, with the confidence that they are doing so safely and securely. With launches like this, we’re excited to continue to innovate in payments by making digital assets more accessible across the ecosystem”.
-Christian Rau
Bybit Mastercard bitcoin card is Bybit’s response to VISA’s crypto cards
Bybit’s move to launch its Bybit Mastercard bitcoin card is in response to VISA’s decision to release Bitcoin and crypto cards in the UK and 40 Asia Pacific (APAC) countries back in February. Despite making multiple advances in opening their business towards the cryptocurrency sector, payment giants had also been rumored to put on hold their further venturing into the sector due to fears over its stability.
However, VISA has since reiterated its commitment to crypto, refuting the reports that it plans to pause its cryptocurrency push due to uncertain market conditions.
How to apply for a Bybit Mastercard bitcoin card?
Before applying for a Bybit Mastercard bitcoin card, you need to ensure that your Bybit account has an email address and mobile number associated with it. You also need to set up Google Two-Factor Authentication and complete Identity Verification Lv. 2 if you are a resident of the United Kingdom or an eligible country from the European Economic Area.
Note that Bytebit Mastercard bitcoin card has stricter requirements for identity verification, so you may need to update your verification even if you have completed it previously.
If you want to apply for a Bybit Mastercard bitcoin card, you can do so via desktop or the app. Here’s a step-by-step guide:
Applying for Bybit Mastercard bitcoin card via desktop
- Click on the Bybit Card application page and select “Go Apply”
- Complete all the required application requirements
- Ensure all your information is correct and click “Next”
- Select your security questions and enter your answers
Once you submit your application, you can view your application status on the Bybit Card dashboard. The application process can take up to 7 working days.
Applying for Bybit Mastercard bitcoin card via mobile app
- Click on “More -> BybitCard” on the home page to enter the Card Application page
- Click on “Apply”
- Complete all the required application requirements
- Ensure all your information is correct and click “Next”
- Select your security questions and enter your answers
Once you submit your application, you can view your application status on the Bybit Card dashboard. The application process can take up to 7 working days.
Don’t have the Bybit app yet? Get it using the links below.
Once your application is approved, your virtual Bybit Card will be automatically activated. You can check your spending limits and spending power on the My Bybit Card page. You can also view your transaction history on the Transaction History page by filtering the types and status of transactions you wish to view.
Note that overseas payments do not require additional activation of your Bybit Card, but a foreign exchange fee will be charged. You can manage your card on the card management page, and if your application is unsuccessful, you can submit an application appeal request.
Conclusion
The Bybit Mastercard bitcoin card, powered by Mastercard, provides a convenient and secure way for clients to transition from the cryptocurrency world to the fiat world. With the option to use their digital assets to pay for products and services, clients can circumvent the need for middlemen and other off-ramp providers.
Bybit plans to offer the physical card in April, and it will initially support a core group of cryptocurrencies. This new development comes in response to VISA’s launch of crypto cards and signals a move towards increased adoption of digital assets.
