Payments giant Mastercard has teamed up with cryptocurrency exchange Bybit to launch a debit card that can transact using digital assets.
According to the announcement, the debit card will work through the Mastercard network and customers will be able to use it to make fiat purchases or withdraw money from ATMs, all deducted from their digital assets.
The cards are available to people living in eligible countries in Europe and the UK. Consumers can already use virtual cards for online transactions and are expected to receive physical debit cards in April.
The cards will initially enable transactions backed by holdings of Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), and XRP. The transactions are converted into euros or pounds sterling, depending on the place of residence of the consumer.
Ben Zhou, co-founder and CEO of Bybit, said in a statement:
“Bybit users will be able to access and manage their funds faster, more securely and more easily. By launching Bybit Card, we are creating a full 360 degree journey for our users, offering next level reliability, products and opportunities. We are convinced that these innovative payment solutions will improve people’s lives and are a step towards a brighter future for crypto and finance.”
Mastercard hailed the partnership as an innovative payment development and a secure way for customers to move digital assets.
Says Christian Rau, senior vice president of fintech and crypto at Mastercard Europe,
“Mastercard empowers customers, merchants and businesses to move digital value – traditional or cryptocurrency – as they please, with the confidence that they are doing so securely. With launches like this, we are excited to continue to innovate in payments by making digital assets more accessible across the ecosystem.”
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