Bybit Users Can Now Fund Accounts in USD via OpenPayd

Bybit has recently added support for USD deposits through OpenPayd, which is a financial infrastructure provider that bridges traditional finance and crypto.

According to the announcement, the new addition will let eligible users fund their accounts using USD and trade USD pairs directly without needing to convert the currency first.

Bybit, which claims to be the second-largest exchange by trading volume with over 80 million users, has stated that this move is meant to make moving between fiat and crypto simpler. 

How the OpenPayd Integration Works

Bybit uses a single API integration to connect to OpenPayd. With that integration, Bybit will now be able to access global payment rails via virtual IBANs, including USD SWIFT, with foreign exchange built into the platform itself.

This approach covers both the institutional side of the business and the retail side. Lux Thiagarajah, Chief Commercial Officer at OpenPayd, stated that supporting both institutional settlement and customer on/off-ramping requires all three systems (accounts, global payment rails, and FX) to work together. He asserted that a single infrastructure layer could allow Bybit to handle complex money flows.

What Changes for Bybit Users?

With the integration with OpenPayd, Bybit users get access to five main features:

Direct USD trading

The integration enables users to trade USD pairs directly on the exchange, bringing two benefits to the fold. One, it removes the need to convert the currency before trading, which plays into the second benefit: reducing conversion-related costs.

Faster funding

With a direct integration system in place, USD deposits and withdrawals could be streamlined. It means the time between starting the transfer and having funds available to trade will be shortened.

Flat deposit fee

Per transaction, users will need to pay a flat $11 fee, regardless of the deposit size. The flat-fee structure makes the cost predictable, a much-needed benefit when moving larger sums, as percentage-based fee structures can encroach upon the revenue.

Global liquidity access

Access to USD funding means users will get access to global liquidity markets. The result will be more efficient trade execution.

Regulated infrastructure

OpenPayd is a regulated payment infrastructure, operating as an Electronic Money Institution under the Financial Conduct Authority in the UK. In Europe, it is authorized under the EU’s Markets in Crypto-Assets (MiCA) framework. These regulatory credentials mean users get a secure and compliant channel for fiat funding.

How to Deposit USD on Bybit

The following is the process to deposit USD on Bybit:

1. Users must first open Bybit and navigate to the Assets section before selecting “Make a Fiat Deposit.”
2. They can then choose USD as the currency and SWIFT as the payment method.
3. Bybit will display the bank details users need to send money to. They will include the beneficiary name, account number, and reference code.
4. Users then can complete the transfer from a business bank account before confirming the transaction, leading to the funds showing up in the users’ USD balance.

Eligibility and Terms

The minimum deposit and the maximum deposit requirements to use the feature are $100 and $1,000,000 respectively. Furthermore, OpenPayd deposits are only available in selected countries. KYC is a mandatory requirement for making a fiat deposit, and users cannot use a third-party account to make the transfer.

Final Words

With Bybit now enabling USD deposits via SWIFT through OpenPayd, the conversion-before-trading step has been removed. According to Bybit, access to fiat is critical to the crypto experience, which is why it sees the latest development as a way to make movement between crypto and fiat seamless.

That said, users should check out the terms and conditions and other potential restrictions before using the new feature.