To enable crypto payments in the U.S. and several European countries, cryptocurrency exchange Bybit aims to introduce a new debit card on the Mastercard network.
Prior to payment, Bybit will exchange clients' Bitcoin, Ether, USDC, USDT, or XRP holdings into dollars or euros.
Residents of the United Kingdom and a few other nations in the European Economic Area will be able to use the card once it is introduced. For cryptocurrency payments, Bybit demands a minimum balance of 10 pounds sterling or euros.
Prior to making a payment, the card will attempt to utilize fiat or convert the customer's selected cryptocurrency to fiat. Crypto payments will be subject to a 9% conversion fee from Bybit. A 0.5% additional forex fee is charged for payments made in foreign currencies.
The transaction will be rejected if the balance of the chosen crypto asset is insufficient. Unless the merchant completes the transaction, the exchange will freeze client money.
Users of Bybit who apply for the card must connect their Bybit accounts to their email and phone numbers. The usage of Google Two Factor Authentication will be made possible by this information. A passport or identification card and a proof of address that is no older than three months are also required for customers in the United States and several European Economic Area nations to complete an identity verification process.