By Kimberly Crain
On March 6, the most hyped crypto exchange Bybit released a report revealing plans to launch a debit card. The proposed debit card compelled the Bybit team to develop a debit card with features that closely match that of a Mastercard to expedite online payment. The unplanned fallout of Silvergate impacting the suspension of the USD transaction necessitates Bybit to introduce a new payment method.
Features of Bybit Proposed Debit Card
The March 6 announcement revealed that Singapore-based crypto exchange Bybit had launched a digital debit card that will be used to make online payments. The team anticipates releasing the manual card in April.
Moreover, the newly launched card will allow users to transfer cryptos directly into their debit account. The Bybit team plans to eliminate the lengthy transaction processes that involve exchanging cryptocurrency for fiat currencies and other on-ramping procedures.
The new debit card can only be used to execute transactions in Europe and UK. However, the user will be subjected to complete fundamental account registration processes, including filing the Know Your Customer (KYC) report and complying with the Anti-Money Laundering (AML) requirements.
Impact Silvergate Bank Fallout
The Bybit team plans to deliver the plastic debit cards through the mailing system before the end of April. The manual card will allow them to complete their transaction over the ATM.
Also read:In the meantime, the debit card can only be used for digital transactions involving fast-growing crypto assets such as Bitcoin(BTC), Ethereum (ETH), Ripple (XRP), and USDC. The team plans to incorporate more digital assets to cater to the need of Bybit’s diverse users.
The team behind the debit card has deployed multiple assistive devices on the platform to easily convert the crypto assets to fiat currency, including the Euros and the Pounds. Per the March 6 announcement, the company revealed that the system had halted all dollar-related transactions due to the ongoing Silvergate scandal. The report urges Bybit customers to withdraw their assets in dollars before March 10.
Following the Silvergate scandal, analysts predict the bank will soon file for bankruptcy protection. The heated debates concerning Silvergate compelled high-profile crypto firms such as Coinbase, Paxos, and Galaxy Digital to minimize business engagement with the embattled Californian-based bank.
Despite the ongoing market skeptics, a recent study by crypto enthusiast revealed that leading payment platform, including Visa and Mastercard, plans to explore the digital space amid the prolonged crypto winter.
The Mastercard Foundation plans to integrate USDC payment before the end of this year. Correspondingly, Visa is improving the on-ramp and off-ramp services to meet the market demands.
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