Bybit, the cryptocurrency derivatives exchange, has added its support for the Japanese yen and South Korean won to expand its presence in the Asian market.
In an August 26 announcement, Bybit said the addition of the two new fiat currency payment options brings the total number of fiat currencies supported to 43.
Ben Zhou, Chief Executive Officer of Bybit, said Bybit made its first trade with fiat payments in June, allowing traders to buy Bitcoin (BTC) and Ether (ETH) in 20 different fiat currencies.
"With the latest update we now offer conversion to BTC, ETH, and USDT from 43 fiat currencies," he said.
The fiat gateway allows users to purchase any of the three supported cryptocurrencies via an electronic fund transfer or using Visa or Mastercard credit and debit cards. The exchange also supports cash deposits, but only in certain regions.
Zhou said that since June, traders have used fiat gateway to purchase cryptocurrencies worth over $13 million. The most popular fiat currency was the euro, and the most popular cryptocurrency was Bitcoin.
The exchange is cooperating with three payment gateway providers, which are Banxa, Xanpool and Moonpay. Zhou said that they are seeking to cooperate with other providers to promote more cryptocurrencies.
Ben stated that so far, the exchange only allows "a uni-directional purchase of cryptocurrencies with fiat currencies." This means that users cannot convert their crypto funds into fiat currency to withdraw it to their bank accounts. Yet, they may explore this option in the future, Ben added.
After adding two new Asian currencies and Vietnamese language support to the platform, Ben expects "substantial growth in the Asian numbers."