Bybit Expands Partnership with Thredd for Global Crypto Debit Cards

Bybit's Global Expansion of Crypto Debit Cards

Bybit has partnered with Thredd to expand its multi-currency crypto debit card program globally.
The Bybit Card facilitates real-time spending of crypto as fiat through Visa and Mastercard, available in both virtual and physical formats.
The cards are compatible with Apple Pay, Google Pay, and Samsung Pay, reaching over 2 million users worldwide.
Partnership includes infrastructure support for card issuing, wallet tokenization, and real-time card control.

Concerns and User Complaints

Numerous Reddit users reported unexplained account restrictions and blocked Bybit Cards since late 2022.
Accounts were allegedly deactivated for compliance reasons without detailed explanations or appeal options.
Users experienced frozen funds, with cases involving amounts from hundreds to tens of thousands of euros.
Despite regulatory achievements, such as UAE approval, user issues remain persistent.

Cashback Program Criticisms

Reports on Reddit claim the advertised 10% cashback rate is misleading; actual effective rate capped at 2.4% due to a $600 monthly limit.
Complaints exist about missing cashback rewards and unresolved support tickets.
Some users faced blocked reward points after extensive use, with Bybit citing unspecified campaign rule violations.
Support responses were generic, with no appeals allowed.

Bybit, serving over 70 million users, remains a major player in integrating crypto with everyday payments through its card offerings. Responses to user complaints are pending from Bybit and Thredd.