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Bybit will launch the bank accounts with the help of partner banks such as Pave Bank.
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The exchange is studying the possibility of expanding to the US.
Bitcoin (BTC) and cryptocurrency exchange Bybit is getting ready to offer banking services with a new product that allows customers to hold and move fiat currencies.
For this they developed the service called MyBank, which will begin operations in February, subject to regulatory approvaland will allow users to send and receive 18 fiat currencies, such as US dollars and euros, using international bank account numbers (IBAN).
This move seeks to allow exchange users to maintain balances in 18 fiat currencies, including dollars and euros, facilitating immediate conversion between the traditional financial system and the digital asset market.
As explained by Bybit CEO, Ben Zhou, the service aims to eliminate the current difficulties in entering and withdrawing capital, allowing transfers to arrive in the name of the user themselves and not the company.
To implement this infrastructure, Bybit has established alliances with regulated financial entities. The exchange will launch bank accounts with the help of partner banks such as Pave Banka licensed lender in Georgia.
“As soon as you receive your pound or US dollar, you can choose to transfer it to a cryptocurrency,” Zhou said. The manager emphasized that the main objective is to simplify the customer experience by integrating traditional finance with digital currency technology.
Regulatory expansion and the US market
The firm’s strategy aims for sustained international growth, following a period of restructuring following previous security incidents.
Zhou stated that the company is considering entering the US marketbut you would need an authorized partner to proceed.
On the European continent, the company has already taken significant steps to consolidate its presence under the current legal framework. The Bybit platform recently began operating after receiving the license under the Cryptoasset Markets Regulation (MiCA). This infrastructure will be essential for the deployment of MyBank in countries like Spainwhere the platform offers support and services adapted to community regulations, since last December, as reported by NoticiasVE.
The transformation of exchanges into neobanks is a growing trend in the global financial industry. While platforms born in the digital assets sector seek to obtain banking licenses, and traditional companies in the banking sector are taking the opposite path.
For example, in the United States, institutions such as Fidelity Digital Assets and Paxos Trust Company have received authorizations to operate with structures similar to national trust banks. Bybit’s advance reflects this convergence, positioning cryptocurrencies not only as an investment alternative, but as the axis of a new system of comprehensive financial services.