Bybit Integrates OpenPayd for Seamless Fiat-Crypto Transactions

Bybit has integrated OpenPayd's financial infrastructure to enable USD deposits via SWIFT. This new feature simplifies transactions for eligible users, allowing them to fund their accounts directly in USD and trade USD pairs without converting the currency first.

The integration uses a single API connection, providing access to global payment rails through virtual IBANs, including USD SWIFT with foreign exchange built into the platform. According to Lux Thiagarajah, Chief Commercial Officer at OpenPayd, this approach covers both institutional and retail settlement needs by combining accounts, global payment rails, and FX.

Bybit users can now access direct USD trading, faster funding, a flat deposit fee of $11 per transaction, global liquidity access, and regulated infrastructure. The minimum deposit requirement is $100, while the maximum is $1,000,000. OpenPayd deposits are only available in selected countries, and KYC is mandatory for making fiat deposits.

With this integration, Bybit aims to make movement between crypto and fiat seamless, citing access to fiat as critical to the crypto experience. However, users should review the terms and conditions before using the new feature.