TL;DR:
- Bybit launched Send Money, a payment solution that uses blockchain infrastructure while preserving a fiat currency experience for users.
- Send Money supports transfers in USD and Argentine pesos with zero fees for ARS recipients, completing in minutes or a few hours.
- Send Money requires no prior knowledge of cryptocurrencies and targets families, freelancers, and users sending international remittances.
Bybit launched Send Money, a new payment solution designed to simplify international transfers through blockchain infrastructure, but without requiring users to deal with the technical complexity of cryptocurrencies. The exchange operates the crypto rails in the background and offers an experience oriented toward traditional money, allowing recipients to receive funds in fiat currencies.
Send Money is initially available to eligible users in Argentina. It supports transfers in US dollars and Argentine pesos. Transactions are completed within a timeframe ranging from minutes to a few hours. Recipients in ARS pay no transaction fees, and funds are deposited directly into Bybit funding accounts, from which they can be withdrawn to local bank accounts or used for QR code payments at various merchants.
Bybit Targets Everyday Remittances
Sophie Chen, marketing director of Bybit’s Payment Business Unit, stated that remittances and payments have become unnecessarily complex, expensive, and slow for millions of users worldwide. According to Chen, Send Money moves crypto and fiat assets on-chain with instant finality and never sacrifices familiarity with traditional currencies.
The sending process is structured in four steps: the sender enters the recipient’s details in Bybit Pay, specifies the amount and currency, reviews the complete pricing information, and confirms the transaction. The exchange also clarifies that while eligible transfers are processed without fees, exchange rate margins may apply.
Among the most notable use cases are family transfers and payments to independent workers, segments that have historically been problematic due to high fees in the traditional financial system. In addition, Send Money allows users to hold their funds in USDT to preserve their value and convert them when they see fit, all without needing any knowledge of digital assets.
Bybit defines Send Money as a bridge between traditional financial services and blockchain technology, a tool that seeks to democratize efficient transfers for audiences that have never used cryptocurrencies.
