On Tuesday, the renowned Singapore-based crypto exchange platform Bybit has announced a new partnership with Cabital, the digital assets institution, for on-ramp integration of the euro (EUR) and British pound sterling (GBP).
Cabital offers fiat-to-crypto on- and off-ramp solution to Bybit
Users of the Bybit crypto exchange platform will now be able to buy cryptocurrencies directly on the system using EUR and GBP via Cabital’s fiat on-ramp solution, without paying any fees between their Bybit and Cabital wallets. Through its fiat-to-crypto on- and off-ramp solution, Cabital allows customers to purchase cryptocurrencies at lower gas costs without needing to leave the platform, says the press announcement.
Bybit is Cabital’s first crypto exchange partner to use its fiat on- and off-ramp service. Cabital’s goals of building an advanced and dependable crypto experience are aligned with Bybit’s, according to Ben Zhou, co-founder and CEO of the exchange platform. Zhau added:
“We are thrilled to embark on this new partnership with Cabital and look forward to empowering folks from all walks of life in realizing their financial goals through crypto. Let’s revolutionize the industry together.”
Bybit stated in late January that it would put $134 million worth of Ethereum (ETH), Tether (USDT), and USD Coin (USDC) into the BitDAO Treasury, along with the completion of Ethereum layer-2 solution Arbitrum integration.
Arbitrum Network integration
Users can deposit and withdraw ETH, USDT, and USDC on the Arbitrum network, thanks to Bybit’s interoperability with the network. Other benefits of Arbitrum over Ethereum’s mainnet include lower gas fees, fast processing speeds, and lower latency due to optimistic roll-ups.
Many crypto exchanges are working on bringing innovative solutions to their users. In November 2021, KuCoin launched its first fiat account to support crypto purchases with bank cards.
In December last year, the venture partner of Bybit, Mirana Ventures and Bankman-Fried’s Alameda Research co-led a funding round through which crypto trading platform Stacked secured $35 million.