Cryptocurrency exchange Bybit expands into Europe via open banking platform partnership

London based open banking platform TrueLayer has announced its collaboration with Bybit, the third most visited cryptocurrency exchange in the world with more than 10 million users.

Bybit was established in 2018 as a crypto derivatives trading platform where retail investors and traders could benefit from an “ultra-fast matching engine” for purchasing major cryptocurrencies, coupled with multilingual community support.

Today, Bybit acts as a one-stop shop for all things crypto with over 100 spot trading pairs, derivatives, and passive income products. By implementing TrueLayer Payments, Bybit customers across Europe have gained a “more efficient, secure, digitally-native” method to fund their accounts.

Payee details are pre-populated by TrueLayer, eliminating errors or the possibility that funds could be sent to the wrong business. Customers are then redirected to their banking app to authenticate their identity, usually with biometrics such as fingerprint recognition or Face ID, before the payment is authorised.

Leila Mcharek, head of payments and business strategy at Bybit, commented: “When looking for a provider, TrueLayer was the obvious choice given its payments expertise and broad European market coverage.

“It brings the next level of convenience, coupled with enhanced security enabling users to fund their Bybit wallets with confidence to purchase crypto assets, such as Bitcoin (BTC) and Ether (ETH), and reach their personal financial goals.”

Beyond an improved payments experience for its customers, Bybit is also said to have gained “significant operational benefits”. This includes real-time payment confirmation, faster settlement, and lower processing fees compared to other deposit methods.

TrueLayer also automates expensive and time-consuming manual processes such as reconciliation with full visibility of all payments via its merchant dashboard.

Commenting on the collaboration, Ross Kelly, crypto lead at TrueLayer, added: “Unencumbered by legacy, open banking payments powered by TrueLayer are delivering a better way for Bybit users to fund their accounts.

“Simply input the amount of fiat currency you want to add, select your bank, and confirm the transaction using the strongest available authentication method. We’re delighted to be working with Bybit and look forward to expanding our collaboration with additional TrueLayer services over the coming months.”

By Matthew Neville – Correspondent, Bdaily

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