Story
Bybit Expands into Peru with Launch of Crypto-Linked Debit Card
Summary
Cryptocurrency exchange Bybit has introduced its virtual debit card in Peru, allowing users to spend digital assets and fiat currencies. The launch is part of the company's strategic expansion into Latin America and includes promotional rewards for new users.
Cryptocurrency exchange Bybit announced on Thursday the launch of its Bybit Card in Peru, a move aimed at connecting the country's digital asset market with everyday consumer spending. The virtual card allows users to spend funds directly from their exchange accounts at millions of merchants globally that accept major card networks.
Card Features and Functionality
The Bybit Card is a virtual-only product with no issuance or annual fees, according to the company's press release. It is designed to bridge the gap between crypto holdings and traditional financial transactions, drawing balances directly from a user's Bybit account.
Key features of the card for the Peruvian market include:
- Dual-currency support: The card facilitates transactions in both Peruvian Soles (PEN) for local purchases and U.S. Dollars (USD) for international spending.
- Cashback rewards: Users can earn between 2% and 10% cashback on eligible purchases.
- Subscription rebates: The company also offers 100% rebates on select digital subscriptions, such as Netflix and Spotify, subject to terms.
Promotional Offers for Market Entry
AdTo mark its entry into Peru, Bybit is offering a welcome package for new cardholders valued at up to 120 USDT. The promotion requires users to complete identity verification and deposit a minimum equivalent of 100 USDT into their account.
The reward is structured as a 10 USDT airdrop following the initial qualifying deposit, supplemented by a cashback booster of up to 110 USDT. This booster provides a special 10% cashback rate on certain lifestyle spending during the first 30 days of use.
Strategic Context and Regional Focus
Bybit's expansion into Peru is part of its broader strategy to increase its footprint in emerging markets across Latin America. The company, which describes itself as the world's second-largest crypto exchange by trading volume, noted the region's growing adoption of digital payments.
"Peru’s financial landscape has undergone a quiet but meaningful transformation in recent years as its young, mobile-first population has embraced digital payments," said Patricio Mesri, Bybit's Country Manager for Spanish-speaking Latin America, in a statement. He added that the card is designed to reduce friction for users spending both locally and internationally.