On Saturday, Bybit unexpectedly announced that it would halt USD transfers due to a “service outages from a partner.” Bybit did not specify which partner was responsible for this outage, but it is possible that it was Silvergate, a U.S. cryptobank that has been in financial trouble since the FTX debacle last November. Silvergate recently announced that it was evaluating its “ability to continue as a going concern,” and following this news, multiple partners like oinbase">Coinbase, Paxos, and Circle cut ties with Silvergate. It is unclear why Bybit has decided to halt USD transfers and whether it will resume them soon.
However, despite this setback, Bybit has surprised its community by launching a new product – a crypto debit card called Bybit Card. The Mastercard-powered card will allow users in eligible countries in Europe and the UK to pay for goods and services using cryptocurrencies like BTC, ETH, USDT, USDC, and XRP. Payment requests will automatically convert digital assets into EUR or GBP, depending on the user’s country of residence. The card will be issued by Moorwand and will allow users to skip intermediaries and other off-ramp providers and debit their crypto balances directly to pay for goods and services.
Bybit claims that the launch of Bybit Card will improve people’s lives by providing faster, more secure, and more convenient access to funds. Ben Zhou, co-founder, and CEO of Bybit, said that the exchange is confident that its innovative payment solutions like Bybit Card will improve people’s lives. 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.
Bybit is the third most-visited exchange in the world, and the introduction of this crypto debit card could help spur the adoption of cryptocurrencies globally. With Bybit Card, users will be able to use cryptocurrencies more easily in their day-to-day lives, which could help to overcome some of the barriers to mainstream adoption of these digital assets.
