Bybit has selected OpenPayd to support its global fiat operations, settlement flows, and on/off-ramping via a single API integration.
According to the announcement, the arrangement brings account infrastructure, USD settlement, and foreign exchange (FX) under one provider. It covers both institutional clients and retail users moving funds between fiat currency and digital assets.
Through a single API connection, Bybit uses OpenPayd's platform to access virtual IBANs linked to international payment rails, including USD SWIFT, as well as FX capabilities. The setup handles institutional settlement and retail on- and off-ramping in the same environment. This allows the exchange to collect, convert, and settle funds consistently across its operations.
For retail users, eligible customers can now fund their Bybit accounts in USD through bank transfers. For institutional clients, the infrastructure is intended to meet the exchange's settlement requirements.
Reducing fragmentation in fiat flows
An exchange with Bybit's user base processes high volumes of deposits, withdrawals, and treasury movements across multiple jurisdictions, which adds operational complexity. Routing these flows through several providers can complicate reconciliation and lead to inconsistencies in how money moves between markets.
With USD settlement, accounts and FX consolidated at OpenPayd, Bybit standardises these processes in one environment. The companies expect this to improve reconciliation, reduce the exchange's reliance on multiple providers, and create a more consistent framework for moving money globally.
Lux Thiagarajah, Chief Commercial Officer at OpenPayd, said that supporting institutional settlement alongside customer on/off-ramping requires accounts, payment rails, and FX to operate together rather than as separate functions. Combining them into a single infrastructure layer is meant to help Bybit manage increasingly complex money flows.
Market context
The integration comes as digital asset platforms face growing demand for dependable fiat connectivity, particularly in USD. The currency remains central to trading, liquidity provision, and stablecoin settlement, so access to USD rails is a core operational requirement for exchanges.
As institutional participation in digital asset markets deepens, exchanges are giving priority to infrastructure that supports predictable, compliant, and scalable movement between fiat and digital assets without fragmentation across providers.
Victoria Kilikyan, Bybit’s Deputy Head of Fiat described fiat access as a critical part of the crypto experience. The official said that strengthening the connection between traditional banking and digital assets is part of the company's aim of supporting broader adoption. In addition, the OpenPayd integration expands funding options for eligible retail users while providing the infrastructure institutional clients require, and marks a further step in easing the transition between traditional finance and digital assets.
