Bybit partners with Cabital to offer EUR and GBP fiat onramps

  • February 8, 2022

Cabital’s fiat-to-crypto on and off ramp service reportedly allows Bybit customers to purchase cryptocurrencies at reduced gas costs.

On Tuesday, Singapore-based crypto exchange, Bybit, announced a new partnership with digital assets institution Cabital for the euro (EUR )and British pound sterling (GBP) on-ramp integration. 

Bybit crypto exchange platform users can now use EUR and GBP to buy cryptocurrency directly on the system through Cabital’s fiat on-ramp solution, with no transfer fees between their Bybit and Cabital wallets. According to the release, Cabital’s fiat-to-crypto on- and off-ramp service allows Bybit customers to purchase cryptocurrencies at reduced gas costs without having to leave the platform.

Bybit is Cabital’s first partner to use its fiat on- and off-ramp infrastructure for cryptocurrency exchanges. Ben Zhou, co-founder and CEO of Bybit, explained that Cabital’s goals of developing an innovative and dependable crypto experience are in line with theirs, adding that:

“We at Bybit 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.”

In late January, Bybit announced that it would put $134 million into the BitDAO Treasury in the form of Ether (ETH), Tether (USDT) and USD Coin (USDC), as well as the completion of Ethereum layer-2 solution Arbitrum integration.

Related: Bybit crypto exchange to impose KYC rules

Bybit’s integration of the Arbitrum network allows users to deposit and withdraw ETH, USDT and USDC on the Arbitrum network. Other advantages over Ethereum’s mainnet include less expensive gas fees, faster transaction speeds and reduced latency owing to Arbitrum’s optimistic roll-ups.