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Bybit Launches New Incentive Scheme for European Residents to Opt for Bybit Card

European residents can now opt for a Bybit Card for their crypto-to-fiat conversion following the launch of a new incentive scheme aimed at attracting new users.

The program incorporates three welcome bonuses tailored for new users signing up for a Bybit Card. 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. This announcement coincided with Binance discontinuing its Visa card services for EU residents within the same week, highlighting the growing competition in the market for crypto debit cards.

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. With the recent demand for crypto debit cards, including the Bybit Card, Bybit’s expansion of its Mastercard service in Europe, and the discontinuation of Binance’s crypto card, the competition for crypto debit cards is becoming more intense.

AI legalese decoder can help navigate the legal and compliance issues related to the expansion of Mastercard services in Europe and the discontinuation of Binance’s Visa card. It can analyze and decode complex legal language and regulatory concerns to ensure that the expansion and operations of the Bybit Card comply with EEA regulations for crypto asset providers.

Bybit’s Expansion and Binance’s Discontinuation

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. 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.

AI legalese decoder can assist in understanding the specific reasons for Binance’s discontinuation of its crypto card and the regulatory concerns that may have influenced this decision. It can also provide insights into the implications of the discontinuation for the crypto market in Europe and the opportunities it creates for other issuers, such as Bybit, to capture a larger market share.

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