Payments giant Mastercard is partnering with cryptocurrency exchange Bybit to launch a debit card capable of making transactions using digital asset holdings.
According to the announcement, the debit card will operate over the Mastercard network and customers can use it to make fiat purchases or withdraw cash from ATMs, all debited from their digital asset holdings.
The cards are available to those living in eligible countries in Europe and the United Kingdom. Consumers can already use virtual cards for online transactions and are expected to receive physical debit cards in April.
The cards will initially allow transactions backed by holdings of Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), and XRP. The transactions will convert to Euro or the British pound depending on the consumer’s residency.
Says Ben Zhou, co-founder and CEO of Bybit, in a statement,
“Bybit users will be able to access and manage their funds faster, more securely, and more conveniently. By launching Bybit Card, we are creating a full 360-degree journey for our users, offering next-level reliability, products, and opportunities. We are confident that these innovative payment solutions will improve people’s lives and are a step towards a brighter future for crypto and finance.”
Mastercard praised the partnership as an innovative development in the payments space and a secure way for customers to move digital assets.
Says Christian Rau, senior vice president of fintech and crypto at Mastercard Europe,
“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.”
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