Last month, payment giant Mastercard took another step in the crypto adoption process. It announced the upcoming launch of a crypto payment method that will be part of its service offering. Now, in an effort to continue leveraging the potential of blockchain, Mastercard is partnering with the Bybit exchange. The two companies will launch a crypto debit card.
Towards the availability of virtual and physical debit cards
Reuters previously reported rumors that Mastercard has reduced its crypto investments. But, it seems that is not really the case. Indeed, Bybit and Mastercard are preparing to launch crypto debit cards. The new product will allow users to pay for goods and services, using their cryptos. Consumers holding these new cards will also be able to withdraw money by debiting their crypto balances.
Exchange Bybit and giant Mastercard will launch a virtual crypto debit card first. This will allow users to make online purchases quickly and easily. Then, in April 2023, we will witness the launch of the physical version of the new debit cards. That said, the supplier that has been designated for issuing the cards is Moorwanda London-based company.
To use the new debit cards, you will need to have balances in bitcoin (BTC), ether (ETH), Tether (USDT), USD Coin (USDC) or XRP (XRP). For each payment, the balances in cryptos will be automatically converted into euros or pounds. The fiat currency will obviously be chosen according to the country of residence of the user concerned.
In addition, for ATM withdrawals and global payments, a restriction has been imposed. The latter is that transactions will be limited to the aggregated crypto holdings of the user’s Bybit account.
It should be noted that the new collaboration of Bybit and Mastercard was announced a few days after a major event. This is the Dubai Stock Exchange, which has decided to stop bank transfers in US dollars. She explained that her decision was made following “service interruptionsfrom one of its partners. In this context, Bybit users must withdraw their pending US dollar holdings before March 10. But, they will still be able to make US dollar deposits from the Advcash wallet and credit cards.
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