Crypto exchange Bybit teams up with TrueLayer

European Open Banking platform TrueLayer has announced that its Open Banking payments are now available to customers of cryptocurrency exchange Bybit.

Through the collaboration, Bybit’s retail investors and traders can securely add fiat funds through TrueLayer to purchase digital assets offered by the exchange.

To reduce the potential for errors, payee details are pre-populated by TrueLayer and customers are then redirected to their banking app to authenticate their identity, typically using either fingerprint recognition or face ID, before the payment is authorised.

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.”

Among the operational benefits of the partnership are real-time payment confirmation, faster settlement, and lower processing fees compared to other deposit methods.

Leila Mcharek, head of payments and business strategy at Bybit, called TrueLayer “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,” Mcharek said.

Bybit was established in March 2018 and is now the third most-visited cryptocurrency exchange globally, with more than 10 million customers.

Back in April, TrueLayer launched a variable recurring payments (VRP) API that went “beyond” the mandated approach and was available for customers to use for both sweeping and non-sweeping use cases, making it the first Open Banking provider delivering different recurring payments types through a single API.