Bybit Pay has integrated with Mesh, connecting Bybit’s reported 80 million users to a network of more than 300 wallets, exchanges and financial platforms. Announced on Sept. 3, the move lets Bybit customers pay or fund supported accounts directly from assets already held in exchange balances, without first withdrawing to a separate wallet or manually converting funds.
When Bybit Pay appears as a payment method on a Mesh-powered platform, a customer can select it and use a Bybit account balance. For businesses, the integration adds Bybit Pay as a payment source through an existing Mesh connection, with no separate connection to Bybit required. Merchants can configure settlement settings to determine how and when funds settle across supported markets.
Mesh co-founder and CEO Bam Azizi said: “People shouldn’t have to move their money to use it. We bring the network to where the money already is.” Sophie Chen, head of marketing at Bybit Card and Pay, said customers can use an asset held in their account while the receiving platform obtains its preferred asset, potentially reducing manual steps when payer and recipient want different currencies.
The announcement did not list supported cryptocurrencies, settlement currencies, transaction fees, or geographic restrictions. Bybit Pay is available to Mesh-connected businesses from Sept. 3, but merchants must choose to activate it before customers can use the option.
Mesh operates an infrastructure layer connecting wallets, crypto exchanges, and financial applications. It covers more than 300 platforms and supports digital asset transfers, account connections, and payment settlement. In April 2024, CoinDCX added Mesh transfers to let customers move assets without copying wallet addresses. PayPal Ventures previously invested $5 million in Mesh using the PYUSD stablecoin in January 2024, and in May Mesh connected with Stellar for a Bermuda government payments program.
Mesh raised $75 million in a Series C round in January, at a $1 billion valuation, led by Dragonfly Capital with participation from Paradigm, Coinbase Ventures, SBI Investment, and Liberty City Ventures. Reports later said Binance planned to lead another round at a valuation of up to $2 billion, though no deal was completed. Bybit’s integration adds its customer accounts as another funding source across participating merchant and financial platforms.
For U.S. users, spending digital assets can trigger tax obligations. The IRS treats digital assets as property, so exchanging crypto for goods or services may be a disposal requiring calculation of capital gain or loss and reporting of transaction details.
