Bybit has integrated Google Pay on its platform to facilitate the purchase of cryptocurrencies with a single click across 35 different currencies. The integration is expected to simplify the buying process by enhancing global user access. The development is part of ByBit’s efforts to simplify the onboarding process in the cryptocurrency market.
The integration is timely as Google Pay is a preferred payment option in many regions, making it a strategic addition for Bybit. Multiple other industry players have previously gone this route.
In December 2022, leading crypto exchange Binance introduced Google Pay as a payment option. Crypto.com followed, starting to accept the method for Canadian transactions in October 2022.
Stressing ByBit’s commitment to easing the entry barriers to crypto, Ben Zhou, Co-founder and CEO of Bybit, stated:
Bybit is committed to providing users with the most convenient and cost-effective ways to enter the exciting world of cryptocurrency. The Google Pay integration marks a significant step towards achieving this goal, offering a seamless and secure experience for all.
With the global cryptocurrency market cap recently reaching $2.7 trillion, Bybit’s new feature could attract more investors. This period coincides with significant market activities, including the approval of spot Bitcoin ETFs. Analysts also expect the upcoming Bitcoin halving event to further propel market participation.
The recent integration came as the exchange is also in the process of securing an operational license in Hong Kong. The platform applied for the license on February 1 via an entity dubbed Spark Fintech Limited.
Interestingly, ByBit’s application was closely followed by a warning from Hong Kong’s Securities and Futures Commission. On March 14, the commission put the crypto exchange on its warning list, stating that the platform was unlicensed.
Meanwhile, Google Pay’s expansion in both developed and emerging markets is leveraged by the widespread use of smartphones. This growth supports Google’s strategy to extend its payment service, benefitting platforms like Bybit that cater to these areas.
