- Bybit has launched a reward program to enable crypto debit cardholders to unlock a wide range of benefits through their spending.
- Users who spend Bitcoin, Ethereum, Tether, XRP, or USD Coin would be accumulating points to win in the program.
Bybit, the third most visited crypto exchange has unveiled a new reward program dubbed Rewards 2.0. According to the official announcement, this is an upgraded rewards scheme building for its debit card released in March this year. The idea is to strengthen its leadership through active engagement of both existing and new cardholders.
The initiative gained traction from the time its free virtual card was released for online purchases to the time the physical cards were made available in April 2023. It was initially rolled out to support Bitcoin, Ethereum, Tether, USD Coin, and XRP. Depending on the country of residence of users, the card is designed to automatically convert the balances in these assets into euros or pounds during payment.
European clients are required to complete Know Your Customer and Anti-Money Laundering (KYC/AML) before getting access. For those in the US and other European Economic Area countries, there would be the need to complete identity verification with a “passport or an identity card and proof of address not older than three months”.
From the earlier announcement, the card charges a conversion fee of 9 percent on crypto payments. Also, there is an additional 5 percent charge on payments made in a foreign currency.
As part of the reward program, users would first have to accumulate points on all card spending. After this, they can redeem prizes via Bybit’s expanded Rewards Marketplace. It is also important to note that users can personalize their rewards. Some of the prizes of this program include cashback of up to 10 percent for spending crypto with the Bybit card.
In addition to this, users could stand a chance of getting physical merchandise. This is exclusive to the exchange’s merchandise and co-branded items. Also, there is digital merchandise such as gift cards from renowned e-commerce platforms. Cardholders could get trading boosters as well. This includes coupons, fee discounts, trading bonuses, NFTs, Airdrops, and VIP trial cards.
More on the Bybit Reward Program
According to Bybit, applications for its exclusive VIP Card tier are ongoing. It provides several benefits and rewards for top-tier customers according to the press release.
Ben Zhou, co-founder and CEO of Bybit commented on this:
Rewards 2.0 reinforces Bybit’s commitment to innovation, loyalty, and industry leadership. Through our pioneering programs and broadening services, we aim to advance global cryptocurrency adoption at pace. Bybit will continue pioneering the digital finance revolution through visionary programs and partnerships that cement our role in driving this new era.
Users have also been informed that there is an auto savings feature that can be accessed through the card dashboard. With this, it is easier for card users to benefit from competitive interest rates and interesting APY. Just like most of the renowned platforms, card users can grow their assets in Flexible Savings, and also retain the flexibility to automatically convert as well as utilize the assets to spend with the card.
For now, users who seek to apply for the card are advised to link their email addresses and phone numbers to their Bybit accounts.