Mastercard launches Bitcoin card in UK and EU

The third most visited cryptocurrency exchange in the world, Bybit, has announced the release of a debit card issued by Moorwand and powered by the Mastercard network (NYSE: MA).

Users will be able to easily transition from the world of cryptocurrency to the world of fiat and make purchases or withdraw money from ATMs using this card, according to a March 6 press release.

By using the Bybit Card, consumers can bypass the need for intermediaries and other off-ramp providers when making direct payments for products and services using their cryptocurrency holdings. Customers in eligible countries in Europe and the UK who have completed the relevant KYC and AML processes will be able to use this service when it becomes available.

At launch, the Bybit card will support a core group of cryptocurrencies, including BTC, ETH, USDT, USDC and XRP. More cryptocurrencies may be supported in the future. In the event that a payment is requested, the customer’s remaining balance in these digital assets will be immediately converted into either Euros or British Pounds, depending on the customer’s location.

Cards can be used at merchants globally

Bybit plans to deliver the physical card in April, with customers receiving the plastic cards in the mail, which will give them access to ATM withdrawals and spending at merchants globally, with spending limits aggregated across the many currencies held in their Bybit account.

Christian Rau, Senior Vice President of Fintech and Crypto Mastercard Europe, stated:

“Mastercard enables customers, merchants and businesses to move digital value – traditional or crypto – however they want, with the confidence that they are doing so safely and securely. With launches like this, we’re excited to continue to innovate in payments by making digital assets more accessible across the ecosystem.”

Notably, the move follows VISA’s (NYSE: V ) decision to launch Bitcoin and crypto cards in the UK and 40 Asia Pacific (APAC) countries back in February.

Despite several advances in opening up their business to the cryptocurrency sector, the payment giants are also rumored to be putting their further venture into the sector on hold due to fears about its stability. However, Visa has since reiterated its commitment to crypto, refuting reports that it plans to pause the cryptocurrency due to uncertain market conditions.