Bybit Expands into Peru with Crypto-Backed Virtual Debit Card

Cryptocurrency exchange Bybit has officially launched its virtual Bybit Card in Peru, providing users a direct way to spend their digital asset holdings at merchants globally. The move marks a significant expansion of the company's financial services into the Latin American market, aiming to bridge the gap between crypto and traditional commerce.

According to a company announcement on July 2nd, the Bybit Card is now available to users in Peru, with a promotional welcome package of up to 120 USDT for new cardholders.

Card Features and Launch Incentives

The Bybit Card functions as a virtual debit card linked directly to a user's Bybit account, eliminating the need to off-ramp funds before spending. The card supports dual-currency transactions in both Peruvian Soles (PEN) for domestic purchases and U.S. Dollars (USD) for international spending.

Bybit outlined the following key features and promotional offers for the Peruvian launch:

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• Welcome Bonus: A package of up to 120 USDT, which includes a 10 USDT airdrop after an initial account top-up and up to 110 USDT in boosted cashback during the first 30 days.
• Cashback and Rebates: The card offers tiered cashback ranging from 2% to 10% on eligible purchases and provides 100% rebates on certain digital subscriptions, such as Netflix and Spotify, according to the company.
• No Annual Fees: The virtual card is issued instantly with no issuance or annual fees, though foreign exchange conversion fees may apply to certain transactions.

Strategic Push into Latin America

The launch in Peru is part of Bybit's broader strategy to increase its footprint in emerging markets, particularly within Latin America. The company cited Peru's evolving digital payments infrastructure and a young, mobile-first population as key drivers for the expansion.

"Peru’s financial landscape has undergone a quiet but meaningful transformation in recent years," said Patricio Mesri, Bybit's Country Manager for Spanish-speaking Latin America, in the announcement. He added that the card allows Peruvians to spend friction-free in local and foreign currency. Bybit reports that its card is already used by over 3 million users globally.