Bybit, the world’s second-largest exchange by trading volume, announced AVAX as the first ecosystem partnership of the Bybit Card. It will also be the first to enable cashback rewards through AVAX. The news follows historic cryptocurrency trends that have seen Bitcoin price USD and other cryptocurrencies reach unprecedented highs.
The Bybit Card will expand its auto cashback options, affording its users flexibility when using the technology. To promote the new partnership, there will be extra perks for the altcoin for a limited time. Bybit celebrates the new partnership with an AVAX-only perk. Eligible users can toggle their AVAX default cashback option to up to 10% cashback in AVAX for a limited time.
Bybit
The Bybit card enables crypto users to use, save, and earn yields on their digital assets. The native crypto gateway includes annual benefits, such as saving up to 8% APR on select holdings and cashback mechanisms. The company, founded in 2018, provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit offers a physical card option for international purchases that activates when the exchange approves it. The card is accepted globally and has security features and rewards, and eligible users (VIPs) do not pay a fee, though there are no monthly or annual fees attributed to the card.
Bybit ensures the security of its crypto cards through multiple measures, including two-factor authentication (2FA), which is mandatory for all Bybit accounts, adding an extra layer of security during logins and transactions. Users can select either Google Authenticator or SMS verification. It also incorporated biometric verification and card management controls while using EMV 3D Secure, which provides additional fraud protection by verifying cardholder identity during online transactions.
Joan Han, Sales and Marketing Director at Bybit, says about the announcement, “Bybit and the Avalanche community are synchronized in our vision for a blockchain-enabled future that benefits all. Our efforts to increase the adoption of scalable smart contracts and crypto as a digital asset class are building blocks of the digital economy. And with the Bybit Card, our customers can contribute to their favorite blockchains through simple daily spending.”
AVAX
AVAX is the native utility token of the Avalanche network, a high-performance blockchain designed for scalable solutions. The new partnership enables Bybit Card users to activate AVAX Cashback, which provides a seamless and off-ramp experience with AVAX. By paying, saving, and HODling with AVAX, Bybit users earn AVAX through its implemented cashback rewards program, which is used daily on the Bybit Card.
Avalanche
Avalanche is a high-speed blockchain platform for decentralized applications (dApps) and financial services. It uses the Avalanche Consensus Mechanism to achieve near-instant transaction finality and high throughput. The network enables developers to build customizable Layer 1 and Layer 2 blockchains with low fees and high scalability. The company has also been working on expanding real-world assets for blockchain-based assets like Bybit. The Avalanche Card was a significant step toward making crypto as easy to use as traditional money.
Avalanche’s blockchain is built with security measures to protect its users and decentralized applications, including a Snow Consensus Protocol, Subnets for Customization, and High Transaction Throughput with Security.
The Avalanche network includes a three-part Layer 1 architecture and an open-source Layer 0 framework centered around the Avalanche Consensus Mechanism, offering near-instant transaction finality. Bybit’s announcement means that Avalanche’s international community can foster the growth of their preferred network each time they swipe their card. Users are also eligible for year-round rewards, earning cashback for their purchases.
Transforming the Crypto Market
Bybit has over 60 million global users and over $36 billion in daily average trading volume (USD) and is transforming how crypto exchanges operate. Its partnership with AVAX underscores the company’s innovative style and is rewarding its client base to celebrate the new partnership.
The Bybit card is a smart option for crypto users to monitor their digital assets. The company offers a physical card for international purchases and a virtual card that can be used once a customer is approved. Partnering with Avalanche, which has transformed the crypto world by making tokens as accessible as traditional money, elevates how the card can be used. The partnership underscores the shift in the modern era to using crypto as everyday currency. The rewards program gains brand loyalty and also moves Avalanche’s position in the crypto space further by “normalizing” this unique form of secured payment.
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume. Founded in Dubai in 2018, it offers users a platform to buy, sell, and trade cryptocurrencies. It provides a wallet that integrates with DeFi and dApps and offers educational tools that enable users to learn about Web3 and other pivotal technologies for smarter investing decisions.
