Open Banking Platform TrueLayer Teams up with Crypto Exchange Bybit

TrueLayer, a European Open Banking platform, has announces its collaboration with crypto exchange Bybit to deliver rapid fiat deposits across Europe.

Bybit was established in 2018 as a crypto derivatives trading platform where retail investors and traders could use a fast matching engine for purchasing major cryptocurrencies, coupled with multilingual community support.

The company wants to be a one-stop shop for all things crypto with 100+ spot trading pairs, derivatives, and passive income products. By implementing TrueLayer Payments, Bybit customers across Europe have gained a different 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.

Bybit representatives said TrueLayer was the obvious choice for them given its payments expertise and European market coverage. The partnership should bring convenience for the users, coupled with enhanced security allowing consumers 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 operational benefits. This includes real-time payment confirmation, faster settlement, and lower processing fees compared to other deposit methods. TrueLayer also automates manual processes such as reconciliation with visibility of all payments via its merchant dashboard.

(Source: The Paypers)