Bybit, the cryptocurrency derivatives exchange, has added support for the Japanese yen and South Korean won in a bid to expand its roots in Asian markets.
On August 26, it has been reported that Bybit said the addition of these two new fiat currency payment options takes the total number of supported fiat currencies to 43.
Ben Zhou, the CEO of Bybit, said that Bybit made a debut with fiat payments in June, allowing traders to buy Bitcoin (BTC) and Ether (ETH) using 20 different fiat currencies.
He said:
“With the latest update we now offer conversion to BTC, ETH, and USDT from 43 fiat currencies.”
However, the fiat gateway allows users to buy any of the three supported cryptocurrencies through an electronic fund transfer or with Visa or Mastercard credit and debit cards. The exchange also supports cash deposits but this is limited to certain regions.
Ben said that since June, traders have purchased more than $13 million worth of cryptocurrencies using the fiat gateway. The most popular fiat currency was the euro, and the most popular cryptocurrency was Bitcoin.
As per the report, the exchange is working with three payment gateway providers — Banxa, Xanpool, and Moonpay.
Ben said that they are looking to partner with other providers to facilitate more cryptocurrencies.
Singapore’s @Bybit_Official taps into Japan and South Korea by adding support for their fiat currencies https://t.co/GM2LRfuJCk — Cointelegraph (@Cointelegraph) August 26, 2020
Also, he stated that the exchange only allows “a uni-directional purchase of cryptocurrencies with fiat currencies.” This means users cannot exchange their crypto funds for fiat currency to withdraw into their bank accounts.
However, Ben added that they may explore that option in the future.
Thus, with the addition of two new Asian currencies and Vietnamese language support on the platform, Ben is expecting “substantial growth in the Asian numbers.”
Source: Cointelegraph | Image: U.Today