Digital Transactions Authoritative, insightful and timely information for payments professionals
As cryptocurrencies edge ever closer to the payments mainstream, they are fitting themselves into day-to-day usage in a bid to win user loyalty. One such application is money transfers, a market that has now attracted the world’s second largest crypto exchange by volume.
The Bybit exchange, based since 2022 in Dubai, early Monday announced Send Money, a feature that lets the exchange’s 82 million global users send cash in either crypto or fiat currency to recipients who get the money in their local fiat currency, according to the exchange. The transfers, executed through ByBit Pay, can be processed within a period spanning from minutes to a few hours, Bybit says, adding it is aiming the service at everyday consumers with a need to send cash fast.
For now, the service is active in Argentina, where Bybit says it is remitting fees when users rely on ARS, the native fiat currency, using a feature called Send Fiat. Transfers executed with the U.S. dollar are handled “at low costs,” the exchange says, without being more specific.
To send funds, users designate a recipient within the Bybit Pay app, then enter the sum to be sent, either in cryptocurrency or fiat money. The app then displays applicable fees before the user confirms the transaction, according to Bybit.
Bybit says it is aiming the new service at a broad base of potential users who may or may not be familiar with digital currencies, including stablecoins, a form of cryptocurrency tied to a national fiat currency, such as the dollar.
The Bybit exchange was founded in 2018 and now accounts for $1.62 billion in daily trading volume, second only to Binance, at $7.1 billion, according to Coinmarketcap.com, which ranks the world’s crypto exchanges.
