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FollowingBybit and Mesh have reached a partnership, allowing 80 million users to directly use the exchange balance to make payments.
Bybit, the world's second largest cryptocurrency exchange, announced on September 3 that it will enter into a partnership with Mesh. The partnership will allow Bybit's 80 million users to make payments directly between platforms supported by Mesh, using their Bybit account balances. The integration is achieved through Bybit Pay, eliminating the cumbersome steps of withdrawing funds or manually converting assets before completing a payment.
How Bybit Pay integration works
When Bybit users recharge or check out on a platform connected to Mesh, they can choose Bybit Pay as the payment method and directly use the assets they already hold on the exchange for consumption. For merchants, this cooperation allows them to directly reach Bybit's global user base through existing Mesh integration without building a separate fiat gold deposit channel (onramp).
According to the official announcement, enterprises on Mesh can access Bybit Pay from now on. Founded in 2020, Mesh is committed to building a global payment network connecting exchanges, wallets and financial service platforms to support digital asset transactions.
In the back office, the exchange's payment infrastructure handles currency conversions and settlements. As a result, merchants can price transactions using the assets they expect to receive, while customers can make payments using different assets from their Bybit accounts.
Speeches by senior executives from both sides
Bam Azizi, CEO and co-founder of Mesh, said: "Bybit has built one of the most active communities in the crypto space. People should not be forced to transfer assets to use money. We bring the network where the money already exists."
Sophie Chen, head of Bybit's card services and payments business, said the product aims to eliminate friction between holding digital assets and using them for payments. Platforms can receive assets they want, and users can make payments using assets they already hold.
Part of Bybit Pay's broader payment strategy
The partnership with Mesh is the latest in a series of partnerships Bybit Pay's efforts to expand users 'encrypted consumption scenarios. Previously, the product has joined Mastercard's Crypto Credential network to simplify verifiable transfers and added regional partners to introduce crypto payments into new markets.
As stablecoins and digital assets are further integrated into daily business activities, major exchanges are positioning their payment infrastructure as an alternative to bankcard networks and banking networks. This also shows that competition among exchanges has expanded from the purely trading field to the payment field, competing head-on with traditional financial technology companies.
Although it remains to be seen whether this Mesh integration can significantly drive merchant adoption, it provides Bybit with another way to connect its user base to consumer platforms without leaving its ecosystem.
