Bybit introduces Mastercard-powered debit card days after halting USD transfers

Bybit is set to launch a new debit card offering that will allow users to make payments and withdraw cash using cryptocurrency holdings.

The Bybit Card will operate on the Mastercard network and will allow for fiat-based transactions by debiting cryptocurrency balances when used to pay for goods and services. The service begins with the launch of a free virtual card for online purchases, while physical debit cards are set to be available in April 2023.

The service will work with Bitcoin (

United States-based crypto exchanges and businesses were affected when Silvergate Bank announced the discontinuation of its digital assets payment network on March 4.

Meanwhile a report 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.

Mastercard has been exploring payment options in USDC through new partnerships while Visa has hinted at plans to allow customers to convert cryptocurrencies into fiat on its platform in 2023.