Bybit, the world’s second-largest crypto exchange by trading volume, has launched a Digital Rupee (eRupee) as a stablecoin for its INR users.
This wallet-based mobile payment solution is now live, “offering a secure and convenient way for users to transact on the platform.”
In response to feedback from Bybit’s INR merchants, the introduction of Digital eRupee aims to “address their concerns regarding the security of traditional banking transactions.”
By accepting payments through eRupee, merchants can “mitigate the risk of their bank accounts being targeted by cybercriminals, ensuring a more robust financial ecosystem for all parties involved.”
Joan Han, sales and marketing director at Bybit, said:
“We are excited to unveil Digital Rupee (eRupee) as a cutting-edge payment option for our valued users. By incorporating the eRupee payment, Bybit aims to elevate the payment experience for INR users, fostering trust and reliability in every transaction. Furthermore, this initiative is expected to attract a wider pool of merchants to the platform, driving business growth and expanding the reach of Bybit’s services within the market.”
As noted in the update, Bybit claims that it is “the world’s second-largest cryptocurrency exchange by trading volume, serving over 37 million users.”
Established in 2018, Bybit provides a professional platform “where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support.”
As covered, Bybit is the newest exchange to integrate with Off Exchange.
Fireblocks Off Exchange enables businesses across the world “to trade on centralized exchanges without introducing counterparty risk.”
Bybit, a crypto exchange, joins Deribit, with further integrations to follow. These include BIT, Bitget, Coinhako, Gate.io, One Trading, and OKX.
At Bybit, they claim to be “committed to fostering trust in the crypto industry and enhancing the security of institutional traders.”
The integration of Fireblocks Off Exchange “offers enhanced on-chain transparency and a reliable trading environment, reinforcing trust and confidence for their customers.”
By leveraging Fireblocks, they underscore their “commitment to institutional asset safety, which has always been a top priority for them.”
Off Exchange empowers institutional traders “to trade on centralized exchanges from an on-chain, multi-party computation (MPC) shared wallet, mitigating exchange counterparty risk.”
By utilizing Off Exchange, Bybit is taking “a proactive step towards bolstering security protocols and meeting the evolving needs of institutional traders.”
