EU and UK experience the launch of Bitcoin card by Mastercard

EU and UK experience the launch of Bitcoin card by Mastercard

written by John Murphy | March 7, 2023

With the efforts of Bybit – one of the most dynamic crypto exchanges in the world – the EU and UK will experience the launch of the Bitcoin card by Mastercard. It will be a debit card by nature powered by Mastercard and issued by Moorwand.

Previously it was without any doubt a hassle trying to convert cryptocurrency to fiat. Bybit has now resolved that issue for the people of the EU and the UK. According to a 6 March press release, the release of this new card will make it convenient for users to convert their crypto to fiat. Moreover, they can also withdraw money from ATMS or even make purchases.

By using the bybit debit card the users will be able to take things into their hands without any interference from any intermediary. Furthermore, this will allow the users to directly pay for the products or other services with their cryptocurrency.

Only the people who are the citizens of UK and EU or have completed the AML and KYC process will be able to avail of these services. As soon as it becomes available there.

Initially, the Bybit card will only support limited cryptocurrencies, after it launches. These include BTC, ETH, XRP, USDC, and USDT. However, the users can expect the inclusion of more currencies to the list in the future. Furthermore, when a user will try to make a payment from his account, the remaining balance in cryptocurrency will automatically convert to fiat (Euros or pounds) depending on the location the user is residing in.

The users will receive the physical card in their mail by the month of April. This debit card will provide them with ATM access like cash withdrawal or more. Besides that, the spending limit for the user is combined with all the different cryptos the people possess in their accounts.

The senior VP of Fintech and crypto Mastercard, Christian Rau told :

“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.”

Anyhow, the Visa card is the driving force behind this initiative. Back in February Visa Also decided to take the same step. They intended to launch crypto cards not only in UK but also in around 20 Asia Pacific countries.

The two payment giants Mastercard and Visa have made great progress in the crypto world. However, they might have discontinued further exploration for the time being. It is due to some peculiar issues associated with crypto regulation and stability. Despite that Visa recently refuted all such accusations. They announced it to keep working on the launch of the upcoming projects.