European residents can now opt for a Bybit Card for their crypto-to-fiat conversion following the launch of a new incentive scheme.
The program incorporates three welcome bonuses tailored for new users signing up for a Bybit Card. This Bybit Mastercard announcement coincided with Binance discontinuing its Visa card services for EU residents within the same week.
Competition for crypto debit cards is heating up
Competition among debit card issuers has a long history, extending back decades. In the crypto era, the importance of virtual and physical cards to digital asset investors has increased significantly.
These cards, displaying the logos of Visa or Mastercard and their issuing companies, play a critical role in facilitating the movement of funds in and out of the crypto market, serving as conduits for converting to fiat currency and spending crypto in the real world.
The Bybit Card, issued by the world’s third-largest crypto exchange, enables users to spend funds from their Bybit accounts at locations accepting Mastercard.
Beyond facilitating crypto conversion to fiat and vice versa, having a Bybit Card offers additional perks like cashback and loyalty rewards. While such incentives are not unique to Bybit, they can be customized to align with the specific interests of crypto investors.
With the recent expansion of its Mastercard service in Europe, Bybit introduces bonuses for potential users, including a 10 EUR bonus upon signing up, a 5 EUR bonus for the first card transaction, and an additional 10 EUR for the first-time deposit of funds to the Bybit platform.
Bybit curtails its card in Europe
Bybit has observed a notable demand for its crypto debit Mastercard since its launch in March 2023. This card offers a convenient means to convert crypto and is accepted by over 90 million Mastercard-supported merchants. Cardholders in the VIP program receive additional benefits, such as increased loyalty points for each transaction.
As Bybit expands its Mastercard service, with upcoming integration into Apple Pay and Google Pay, Binance has discontinued its crypto card in Europe. The Visa card will be suspended by the end of the year, concluding a three-year run that attracted significant interest from EU residents.
Although Binance has not provided a specific reason for discontinuing the service, the decision aligns with the exchange’s focus on addressing regulatory concerns.
Combined with introducing new EEA regulations for crypto asset providers, the European market has become a challenging operational environment from a compliance perspective.
Fortunately, European crypto investors still have various options, including neo-banks supporting digital assets and crypto debit cards from different issuers, including crypto exchanges.
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