Bybit exchange has recently made an announcement that favors its users in terms of financial transactions.
The officials at the Dubai-based exchange have announced that they are aiming to launch a debit card for their users.
Bybit’s Debit Card
Bybit made its users aware of the latest collaboration they have signed with the Mastercard network. Following the partnership, they want to offer a debit card to their users.
The exchange wants to facilitate its customers that are based in the two major regions. The first and foremost goal for Bybit is the users based in the United States.
The other region they are aiming to target is the countries based in the European region. The users based in these regions will have access to the debit cards.
The users will be able to carry out financial transactions using these cards.
How Will the Transactions Work?
The exchange officials have confirmed that the transactions will be converted instantly to the respective fiat currencies the moment they are carried out.
The users will be able to pay using multiple cryptocurrencies but they are kept to the most prominent ones. Just as the users pay with the Bybit debit card, their funds will be converted instantly into the respective currencies for settlement.
As per the exchange officials, they will be allowing the usage of XRP, USDT, USDC, ETH, and BTC through their platform. Once the transactions are attempted, the cryptocurrencies will be converted to euros or US dollars.
Options Available through Debit Cards upon Launch
The exchange officials have revealed that going forward, they are aiming to offer the same utility for UK-based users.
They will have the option to make payments in sterling, using the debit cards offered by Bybit.
It has been confirmed that not all the countries in the European Economic Area will have access to the debit card. They will be choosing certain countries in the particular region that will gain access to the Bybit debit cards.
For the users to make payments using the Bybit debit cards, the transactions must be worth at least €10 or £10. They will not be able to use the cards if the transaction value is lower than that.
The users will be able to use the same card even if they have fiat in their account. They will not be bound to have cryptocurrencies only if they wish to make a transaction.
All the transactions will be settled in fiat currencies, regardless of the initiating currency.
Charges for the Transactions
Bybit has also shared the fee structure for the transactions that the users would incur while using the debit card.
Every time the users attempt to process a cryptocurrency conversion transaction, they would have to pay a 9% fee. If the transaction being processed is in a fiat currency other than the supported one, then another 0.5% forex fee would be implemented.
If the card does not have enough funds, the transaction would simply be declined by the system. However, the funds that the user initiates from their Bybit account for the transaction would be frozen.
Requirements for the Debit Card Applicants
The users wanting to apply for the debit cards have to provide their personal information so the application can be processed without any issues.
The users will need to provide their phone number and email address at the time of applying for the debit card. The request will need to be forwarded through the Bybit accounts of the users.
When applying for the debit card, the users will be prompted to enable to Two Factor Authentication by Google. It may be introduced as a mandatory security feature that the users must add to their accounts going forward.
However, as the users being targeted are from the US and the EEA, they must also provide proof of their address and identity card or passport.