TrueLayer teams up with crypto trading platform ByBit

TrueLayer, Europe’s leading open banking platform, today announces its partnership with Bybit, the world’s third most visited cryptocurrency exchange with over 10 million users.

Bybit was founded in 2018 as a crypto derivatives trading platform where retail investors and traders can benefit from an ultra-fast matching engine for buying major cryptocurrencies, along with multilingual community support.

Today, Bybit is a one stop shop for all things cryptocurrency with over 100 pairs of spot exchanges, derivatives and passive income products. By implementing TrueLayer Payments, Bybit customers across Europe have acquired a more efficient, secure and digital native method to fund their accounts. Payee details are pre-filled 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 biometric data such as fingerprint recognition or Face ID, before payment is authorized.

Leila Mcharek, Bybit’s Head of Payments and Business Strategy, commented: “When looking for a supplier, TrueLayer was the obvious choice given its payments expertise and broad European market coverage. It offers an additional level of convenience, along with increased security that allows users to securely fund their Bybit wallets to purchase crypto assets, such as Bitcoin (BTC) and Ether (ETH), and achieve their personal financial goals. “

In addition to a better payment experience for its customers, Bybit also gains significant operational benefits. This includes real-time payment confirmation, faster settlement, and lower processing fees than other deposit methods. TrueLayer also automates costly and time-consuming manual processes such as reconciliation with full visibility of all payments via the merchant dashboard.

Commenting on the collaboration, Ross Kelly, TrueLayer’s Crypto Lead, said: “Free from inheritance, TrueLayer-based open banking payments are offering Bybit users a better way to fund their accounts. – just enter the amount of fiat currency. you want to add, select your bank and confirm the transaction using the strongest authentication method available. We are delighted to be working with Bybit and look forward to expanding our partnership with additional TrueLayer services in the coming months. “

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