Bybit Launches Crypto-Backed Debit Card in Peru, Expanding Latin American Footprint

Cryptocurrency exchange Bybit announced Tuesday it has officially launched its virtual Bybit Card in Peru, expanding its services in Latin America. The card allows users to spend funds directly from their Bybit accounts at merchants worldwide, bridging the gap between digital asset holdings and everyday transactions.

Launch Details and Incentives

To mark its entry into the Peruvian market, Bybit is offering a promotional rewards package for new cardholders. According to the company's announcement, the welcome bundle can provide up to 120 USDT (Tether) in rewards.

• New users who complete identity verification and deposit a minimum of 100 USDT or its equivalent are eligible.
• The offer includes a 10 USDT airdrop after the first qualifying deposit.
• A special 10% cashback booster on certain lifestyle purchases is available for the first 30 days, capped at 110 USDT.

The card is available virtually with no issuance or annual fees, though foreign exchange fees may apply to some transactions. Bybit stated that its card is already used by over 3 million people globally.

Strategic Rationale

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The move into Peru is part of Bybit's broader strategy to expand access to financial tools in emerging markets. The company sees potential in the country's evolving digital payments landscape.

"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 allows users to "spend PEN at home and spend USD anywhere when they explore the world, without friction."

Card Functionality

The Bybit Card is designed to function as a standard debit card, drawing funds directly from a user's exchange wallet balance. It offers dual-currency support, enabling spending in both Peruvian Soles (PEN) for domestic purchases and U.S. Dollars (USD) for international transactions.

Key features highlighted by the company include tiered cashback rewards ranging from 2% to 10% on eligible purchases and 100% rebates on select digital subscriptions like Netflix and Spotify. Bybit noted that terms and conditions apply to all promotional offers.