Bybit Launches Crypto-Linked Debit Card in Peru, Expanding Latin America Footprint

Cryptocurrency exchange Bybit has launched its virtual debit card in Peru, a move aimed at bridging the gap between digital assets and everyday consumer spending. The launch allows Peruvian users to pay for goods and services using funds from their Bybit accounts at merchants worldwide, according to a company announcement on Thursday.

Product Details and Incentives

The Bybit Card is a virtual-only product with no issuance or annual fees, designed to function like a traditional debit card. It draws directly from a user's balance on the exchange and supports spending in both Peruvian Soles (PEN) for local transactions and U.S. Dollars (USD) for international purchases.

Key features highlighted by Bybit include:

• Tiered cashback rewards ranging from 2% to 10% on eligible purchases.
• Rebates of up to 100% on subscriptions to services such as Netflix and Spotify.
• A promotional welcome offer for new Peruvian users totaling up to 120 USDT, consisting of a 10 USDT airdrop and a 10% cashback booster capped at 110 USDT for the first 30 days.

Strategic Focus on Latin America

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The expansion into Peru is part of Bybit's broader strategy to increase its presence in emerging Latin American markets. The company cited the country's young, mobile-first population and its growing adoption of digital payments as key factors behind the decision.

"With the Bybit Card, Peruvians can spend PEN at home and spend USD anywhere when they explore the world, without friction," said Patricio Mesri, Bybit's Country Manager for Spanish-speaking Latin America, in a statement. The launch signals the company's long-term growth plans for the region as its financial infrastructure and regulatory frameworks evolve.

Market Context

Bybit, which describes itself as the world's second-largest crypto exchange by volume, joins a growing number of digital asset platforms offering card products to increase the real-world utility of cryptocurrencies. These cards aim to eliminate the friction of converting crypto to fiat before spending. According to the company, the Bybit Card is already used by over 3 million people globally.