Bybit has selected OpenPayd to support its global fiat operations and settlement flows, the London-based infrastructure provider announced on 23rd September, 2026. The deal routes USD SWIFT access, virtual IBANs and foreign exchange through a single API integration.
The Big Picture
- Bybit will use one OpenPayd API for USD SWIFT access, virtual IBANs and currency conversion across its global operations.
- The setup covers institutional settlement and retail deposits and withdrawals inside a single environment instead of separate systems.
- Bybit says it serves more than 80 million users and ranks second worldwide among crypto exchanges by trading volume.
- OpenPayd says it processes more than $300 billion in annual volumes for over 1,200 businesses.
- Kraken, OKX, eToro and B2C2 already use OpenPayd, according to the company.
Bybit Moves Its Dollar Rails Onto One OpenPayd Layer
Bybit is using OpenPayd’s platform to reach virtual IBANs connected to international payment rails, including USD SWIFT, alongside FX capabilities. A virtual IBAN gives each payer a unique account reference, which lets an exchange match incoming funds to the right customer faster.
The integration handles two jobs that usually run as separate functions: institutional settlement and retail on/off-ramping. By putting USD settlement, account infrastructure and FX in one place, Bybit expects cleaner reconciliation and less reliance on multiple providers. Neither company disclosed Bybit’s fiat volumes or the share OpenPayd will handle.
Victoria Kilikyan, Bybit’s Deputy Head of Fiat, said the integration gives “eligible users a more direct way to fund their Bybit accounts in USD and access global crypto liquidity, while providing the reliable infrastructure needed for both retail and institutional use.“
Why USD Access Is the Pressure Point?
USD remains central to trading, liquidity provision and stablecoin settlement, the companies said. Institutional participation is also deepening, which pushes exchanges toward fiat connectivity that is predictable, compliant and able to scale.
Scale makes the problem sharper. Bybit handles high volumes of deposits, withdrawals and treasury movements across jurisdictions, and each extra provider adds another ledger to reconcile.
OpenPayd Chief Commercial Officer Lux Thiagarajah said accounts, global payment rails and FX need to work together once an exchange serves both institutional clients and retail on/off-ramping. His point frames the pitch: one infrastructure layer, one reconciliation trail.
Rival Exchanges Now Share One Fiat Provider
OpenPayd’s client roster now includes three competing exchanges: Bybit, Kraken and OKX. The provider founded in 2018 by Dr. Ozan Ozerk also counts eToro and liquidity provider B2C2 as clients, alongside other institutional crypto deals built on the same USD, account and FX bundle.
That overlap could standardize how dollars move between trading venues, since counterparties settle through the same rails. It also concentrates USD access for several major exchanges on a single provider’s banking network.
A disruption at the provider level would now touch more than one major venue at once, a dependency the announcement does not address. Institutional clients may weigh that tradeoff as fiat links consolidate.
The Bottom Line
This deal treats fiat and crypto as one system for Bybit’s money movement. Collection, conversion and settlement now sit on one provider, so fewer handoffs separate a customer’s USD wire from a credited trading balance.
Retail users gain a more direct USD funding route, and institutional desks get settlement on the same rails. Existing Bybit users who fund in USD should check whether their account qualifies as eligible before sending a SWIFT transfer.
The announcement does not say which regions count as eligible, what fees apply to USD deposits, or whether Bybit will retire any existing fiat partners. Those answers will decide how much the single integration changes the user experience. The companies describe unified banking rails, account structures and currency conversion as a core component of digital asset market infrastructure, and Bybit’s move adds weight to that view along with the dependency that comes with it.
