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Bybit launches debit card; suspends US dollar deposits

Bybit launches debit card; suspends US dollar deposits

Crypto Exchange Bybit has begun the roll out of Mastercard debit cards, enabling users to convert their crypto into fiat at the point of sale and ATMs.

Available for clients in eligible countries in Europe, Bybit Card will be available for a selection of blue-chip cryptocurrencies, namely, BTC, ETH, USDT, USDC, and XRP. Payment requests will automatically convert balances in these digital assets into EUR or GBP, depending on the client’s country of residence.

The roll out begins with the release of virtual cards for online shopping, with a physical plastic card planned for launch in April.

“Bybit users will be able to access and manage their funds faster, more securely, and more conveniently,” says Ben Zhou, co-founder and CEO of Bybit. “By launching Bybit Card, we are creating a full 360-degree journey for our users, offering next level reliability, products, and opportunities.”

The move comes as Bybit suspends US dollar deposits for customer due to issues with its servicing bank.

In a notice, Bybit states: "We have temporarily suspended USD deposits via Wire Transfer (including Swift) due to service outages from our end-point processing partner until further notice."

Last month Bybit's larger rival Binance halted USD transfers due to problems at distressed US lender Silvergate Bank, which has warned on its ability to continue as a going concern amid the market-wide crypto crisis.

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