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Mastercard Teams Up With Bybit To Introduce New Crypto-Powered Debit Card

March 8, 2023 The Daily Hodl

Bybit introduces Mastercard-powered debit card days after halting USD transfers

March 6, 2023 Coin Telegraph

ATM

Bybit is set to roll out Mastercard-powered debit cards, allowing users to pay for goods and services with cryptocurrency holdings.

Bybit is set to launch a new debit card offering that will allow users to make payments and withdraw cash using cryptocurrency holdings.

The Bybit Card will operate on the Mastercard network and will allow for fiat-based transactions by debiting cryptocurrency balances when used to pay for goods and services. The service begins with the launch of a free virtual card for online purchases, while physical debit cards are set to be available in April 2023.

The service will work with Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC) and Ripple (XRP) balances on user accounts. Payments will automatically convert the balances of these initial cryptocurrencies into euros or pounds, depending on a user’s country of residence.

ATM withdrawals and global payments will be limited to aggregated cryptocurrency holdings of a user’s Bybit account. The cards are issued by London-based payments solutions provider Moorwand.

The roll-out of Bybit’s virtual and physical debit card offering comes days after the Dubai-based exchange announced that it would be halting U.S. dollar bank transfers. The suspension of dollar deposits and withdrawals was pinned on ‘service outages’ by one of its processing partners.

Bybit users can continue to make USD deposits using Advcash Wallet or with credit cards, while users were urged to carry out any pending U.S. dollar wire withdrawals by March 10.

United States-based crypto exchanges and businesses were affected when Silvergate Bank announced the discontinuation of its digital assets payment network on March 4.

Meanwhile a report at the end of February 2023 suggests that both Mastercard and Visa would hold off on announcing or embarking on further direct partnerships with the cryptocurrency and blockchain industry.

Mastercard has been exploring payment options in USDC through new partnerships while Visa has hinted at plans to allow customers to convert cryptocurrencies into fiat on its platform in 2023.

Binance SWIFT banking partner set to ban USD transfers below $100K

January 22, 2023 Coin Telegraph

Binance SWIFT banking partner set to ban USD transfers below 0K

bank account

Binance stressed that credit and debit card payments will continue to be accepted and that non-USD bank transfers would still be processed through the SWIFT payment system.

Binance has informed its retail customer base of a potential incoming service disruption that may halt on and off-ramp bank payment transfers.

The service disruption will impact users of U.S Dollar-held bank accounts that are looking to buy or sell cryptocurrencies for less than $100,000 via the SWIFT payment system. The disruption will take effect on February 1.

Binance announced the news to its “Binancians” by email on January 21, stressing that they’re now “actively seeking” a new SWIFT (USD) partner to avoid service disruptions for future bank payment transfers.

The cryptocurrency exchange added that this was the banking partner’s decision and that Binance wouldn’t be the only trading platform impacted by the change:

“This is the case for all of their crypto exchange clients. Please be advised that until we are able to find an alternative solution, you may not be able to use your bank account to buy or sell crypto with USD via SWIFT with a value of less than $100,000 USD after February 1st, 2023.”

Binance did however stress that customers would still be able to use their credit or debit card to buy or sell cryptocurrencies, and that payments to or from third-party exchanges would still be processed.

*Binance's letter to Binance retail users on January 21. Source: Binance.*

The cryptocurrency exchange added that SWIFT-based transfers would remain in operation for non-USD bank transfers, such as the Euro.

Binance confirmed the change wouldn’t impact its “Corporate Accounts.”

The banking partner involved is Signature Bank, according to a Jan. 21 report by Bloomberg. The bank set the minimum transaction limit of $100,000 in effort to decrease its exposure to the digital asset market, Bloomberg explained.

While payment service disruption wasn’t Binance’s decision, the trading platform has suspended transfers in recent times.

Binance recently imposed a temporarily suspension on Solana-based USDT and USDC deposits on November 17.

While the exchange also temporarily suspended Ether (ETH) and wrapped-Ether (wETH) deposits and withdrawals for about 10 days ahead of the Ethereum Merge.

Update 12:50am UTC time on January 22: Added a statement from Bloomberg.

Visa terminates debit card program with FTX

November 15, 2022 Coin Telegraph

agreement

A Visa spokesperson confirmed to Cointelegraph the company has terminated its global agreements with FTX.

Only a month after payments giant Visa announced a partnership with FTX to roll out a debit card program in 40 countries worldwide, Visa has abruptly ended the program due to FTX's recent insolvency and bankruptcy issues.

FTX’s liquidity issues were triggered last week when Binance CEO Changpeng “CZ” Zhao announced that Binance would liquidate the entirety of its FTX Token (FTT) holdings, which inadvertently led to a bank run that brought on FTX liquidity issues.

In October, when the news of FTX and Visa’s partnership circulated online, the native cryptocurrency of the FTX trading platform, FTT, spiked by about 7%, reaching a high of $25.62. After the recent turn of events, FTT is currently trading at $1.89.

Things have quickly spiralled for the once reputable crypto currency exchange, FTX, and it comes as no surprise that companies like Visa, are working to distance themselves from the disgraced platform.

“The situation with FTX is unfortunate and we are monitoring developments closely. In all our undertakings—in digital currency and beyond—our focus on security and trust remains paramount. We have terminated our global agreements with FTX and their US debit card program is being wound down by their issuer.” — a Visa spokesperson told Cointelegraph

Visa is not the only company severing ties with FTX. On Nov 11, Cointelegraph shared that The Securities and Exchange Commission of Cyprus, or CySEC, reportedly issued a statement amid FTX's filing for Chapter 11 bankruptcy in the United States requesting the exchange halt operations for its Europe arm.

In another instance, Plaid, the fintech company which facilitates communication between financial services apps, and users’ banks and credit card providers, suspended FTX U.S access to its products, citing “concerning public reports” of fraudulent activity.

Payments Giant Visa Files Trademark Application for Crypto Platform, Wallet and NFTs

October 27, 2022 The Daily Hodl

Bored Apes, Moonbirds to feature on NFT-customized Mastercard debit cards

September 27, 2022 Coin Telegraph

Blue-chip NFTs

The customizable card will only support NFT avatars from select blue chip collections, subject to Mastercard’s design standards and an owner verification process.

Mastercard has launched customizable nonfungible token (NFT) debit cards, allowing some cardholders who own avatars from select NFT collections to add the artwork onto the payment's card.

The debit cards are made available through a Sept. 26 partnership with European cryptocurrency exchange platform, “hi” allowing its “Gold” members to personalize their debit cards with an NFT they verifiably own

Gold membership with the platform is obtained by staking a minimum of 100,000 hi Dollar’s (HI), the platform's native token, a sum worth around $4,600 according to data from CoinGecko.

NEWS! Today @hi_com_official launches the world’s first debit card featuring NFT Customization, allowing cardholders to personalize the face of their card with an NFT Avatar. Read more here https://t.co/awNVowcsuG pic.twitter.com/A5xFsHlX0w
— Mastercard Europe (@MastercardEU) September 26, 2022

The cards will allow spending in fiat money, stablecoins or any cryptocurrency the user holds and is accepted wherever Mastercard is available. Other features such as hotel credits, cash back incentives and rebates on Netflix and Spotify subscriptions are also touted as benefits of certain membership levels.

Mastercard’s Crypto and Fintech Enablement VP, Christian Rau said with consumer interest in NFTs and crypto growing the payments provider was “committed to making them an accessible payments choice for the communities who wish to use them.”

A limited range of NFT collections will be supported including CryptoPunk, Moonbirds, goblintown, Bored Ape and Azuki, owners of these NFTs will have to become Gold members with hi and verify their NFT ownership with the platform to receive their custom cards.

Additionally, the cards are available only within 25 European Economic Area (EEA) countries and the United Kingdom.

With the wider downturn in crypto markets over the last few months most of the “blue chip” NFT collections took a price hit, but data by NFTGo shows the performance of blue-chip NFTs growing steadily since Sept. 12 possibly bringing renewed interest to the largest collections.

Mastercard has helped crypto payments go mainstream with its support for the assets, even allowing Mastercard holders the ability to purchase NFTs through partnering with multiple NFT marketplaces in June.

Debit Card

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