Digital Asset Exchange Bybit Supports Fiat Deposits Across Europe with Fintech TrueLayer

TrueLayer, which claims to be one of Europe’s leading open banking platforms, announces its collaboration with Bybit, the “third-most visited” cryptocurrency exchange in the world.

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.”

Bybit is “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 also “gains significant operational benefits.”

This reportedly “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.”

Ross Kelly, Crypto Lead at TrueLayer, stated:

“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.”

As covered, TrueLayer is “a global open banking platform that makes it easy for anyone to build better financial experiences.”

Businesses of every size “use TrueLayer to power their payments, access financial data, and onboard customers across the UK, Europe and Australia.” Founded in 2016, TrueLayer is “trusted” by consumers and businesses around the world. Their vision is “to create a financial system that works for everyone.”

As noted in the update, Bybit is a cryptocurrency exchange established in March 2018. It offers “an institutional-grade trading platform with an ultra-fast matching engine, a suite of products from derivatives to passive income, and 24/7 multilingual community support.”

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