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Bybit Unveils New Reward Program to Trigger Demand for Crypto Debit Card

John KumiBy 0Edited by John Kiguru 18. September 20233 Mins Read
  • Bybit has launched a reward program to enable crypto debit cardholders to unlock a wide range of benefits through their spending. 
  • Users who spend Bitcoin, Ethereum, Tether, XRP, or USD Coin would be accumulating points to win in the program. 

Bybit, the third most visited crypto exchange has unveiled a new reward program dubbed Rewards 2.0. According to the official announcement, this is an upgraded rewards scheme building for its debit card released in March this year. The idea is to strengthen its leadership through active engagement of both existing and new cardholders.

The initiative gained traction from the time its free virtual card was released for online purchases to the time the physical cards were made available in April 2023. It was initially rolled out to support Bitcoin, Ethereum, Tether, USD Coin, and XRP. Depending on the country of residence of users, the card is designed to automatically convert the balances in these assets into euros or pounds during payment. 

European clients are required to complete Know Your Customer and Anti-Money Laundering (KYC/AML) before getting access. For those in the US and other European Economic Area countries, there would be the need to complete identity verification with a “passport or an identity card and proof of address not older than three months”. 

From the earlier announcement, the card charges a conversion fee of 9 percent on crypto payments. Also, there is an additional 5 percent charge on payments made in a foreign currency. 

As part of the reward program, users would first have to accumulate points on all card spending. After this, they can redeem prizes via Bybit’s expanded Rewards Marketplace. It is also important to note that users can personalize their rewards. Some of the prizes of this program include cashback of up to 10 percent for spending crypto with the Bybit card.

In addition to this, users could stand a chance of getting physical merchandise. This is exclusive to the exchange’s merchandise and co-branded items. Also, there is digital merchandise such as gift cards from renowned e-commerce platforms. Cardholders could get trading boosters as well. This includes coupons, fee discounts, trading bonuses, NFTs, Airdrops, and VIP trial cards. 

More on the Bybit Reward Program

According to Bybit, applications for its exclusive VIP Card tier are ongoing. It provides several benefits and rewards for top-tier customers according to the press release. 

Ben Zhou, co-founder and CEO of Bybit commented on this:

Rewards 2.0 reinforces Bybit’s commitment to innovation, loyalty, and industry leadership. Through our pioneering programs and broadening services, we aim to advance global cryptocurrency adoption at pace. Bybit will continue pioneering the digital finance revolution through visionary programs and partnerships that cement our role in driving this new era.

Users have also been informed that there is an auto savings feature that can be accessed through the card dashboard. With this, it is easier for card users to benefit from competitive interest rates and interesting APY. Just like most of the renowned platforms, card users can grow their assets in Flexible Savings, and also retain the flexibility to automatically convert as well as utilize the assets to spend with the card. 

For now, users who seek to apply for the card are advised to link their email addresses and phone numbers to their Bybit accounts. 

 

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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

John is a seasoned cryptocurrency and blockchain writer and researcher, boasting an extensive track record of years immersed in the ever-evolving digital frontier. With a profound interest in the dynamic landscape of emerging startups, tokens, and the intricate interplay of demand and supply within the crypto realm, John brings a wealth of knowledge to the table. His academic background is marked by a Bachelor's degree in Geography and Economics, a unique blend that has equipped him with a multifaceted perspective. This diverse educational foundation allows John to dissect the geographical and economic factors influencing the cryptocurrency market, offering insights that go beyond the surface. John's dedication to the crypto and blockchain space is not merely professional but also personal, as he possesses a genuine passion for the technologies that underpin this revolutionary industry. With his astute research skills and commitment to staying at the forefront of industry trends, John is a trusted voice in the world of cryptocurrencies, helping readers navigate the complex and rapidly changing terrain of digital assets and blockchain innovation. John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: info@crypto-news-flash.com Phone: +49 160 92211628

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