Bybit is adding bank accounts to its crypto platform with eye on U.S. expansion: Bloomberg
Bybit is launching "MyBank" in February to allow users to hold and move 18 fiat currencies, signaling a push toward neobanking and potential U.S. market entry.Summary
Bybit, a major global crypto exchange, is introducing a new service called "MyBank" in February, pending regulatory approval, which will enable customers to hold and transfer 18 fiat currencies using IBANs, effectively moving into the crypto neobank sector. This service is being developed in partnership with local banks, such as the Georgia-licensed Pave Bank, allowing users instant fiat-to-crypto conversions upon deposit. This strategy reverses the trend seen in fintechs like Revolut, which added crypto features later. CEO Ben Zhou stated that this expansion aligns with Bybit's goal of broader international growth, including considering entry into the U.S. market, which would require a licensed partner, with a long-term aim of a U.S. public listing.
(Source：CoinDesk)