Bybit launches the Bybit Card in Australia

UAE-based cryptocurrency exchange Bybit has expanded the availability of the Flywallet-issued Bybit Card to Australia.

Operating through Mastercard's established global payments network, the Bybit card facilitates transactions by debiting cryptocurrency balances held on the Bybit platform and converting them into fiat currency for everyday purchases. 

Upon successful application, users are entitled to a special USD 10 bonus, with an additional USD 10 reward for the first deposit of at least AUD 100 and USD 5 following the first transaction. Eligibility for these incentives is contingent upon users passing Bybit's Know Your Customer (KYC) verification process. 

Introduced in March 2023, the Bybit Card offers a multi-asset spending feature that automatically converts five supported cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), into fiat currency for both card transactions and ATM withdrawals. Additionally, users can benefit from rewards such as up to 10% cashback on expenditures, with various redemption options ranging from trading bonuses to exclusive merchandise. The Bybit Card's VIP tier offers improved perks designed for elite customers. 

Representatives from Bybit cited by Yahoo emphasised the significance of launching the Bybit Card in Australia, describing it as an important step towards mainstream adoption of digital currencies. They also reiterated the company's commitment to delivering innovative solutions that merge the flexibility of cryptocurrencies with the convenience of traditional financial services.

What else has been going on with Bybit?

In December 2023, Bybit launched its Bot Copy Trading system in a bid to improve the trading experience of its users. The new tool was integrated with Bybit Futures Grid Bots, and it was designed to simplify automation by allowing users to replicate grid settings from Master Traders. Through the utilisation of Futures Grid Bots, both Master Traders and Followers gained the ability to automate their trading strategies and focus on strategy development rather than the specifics of individual trades. 

One of the most important features of Bot Copy Trading is that it offers a streamlined strategy forecasting system. Users are not required to make precise market predictions. Instead, they can specify their preferred price range and delegate the management of the rest to the bot in an approach that aims to provide flexibility while mitigating risks, particularly in sideways markets.

In September 2023, Bybit launched the TradeGPT AI-powered trading assistant, a move that was in line with the company’s plans to become a Crypto Ark. While the conventional ChatGPT lacks access to real-time data, TradeGPT leverages Bybit's market data, trading analytics, and technical analysis tools. This integration augments the AI model's capabilities by incorporating Bybit's extensive data resources.