Crypto exchange Bybit has announced plans to launch retail banking services on its platform starting next month.
Summary
- Bybit plans to launch retail banking services in February.
- The service will offer users personal IBAN accounts to manage fiat funds, make payments and convert balances to crypto.
- Bybit is also exploring U.S. market entry and a potential public listing.
Dubbed “My Bank,” the new product has been slated for launch in February, according to CEO Ben Zhou, who announced the offering during a Jan. 29 online keynote.
Zhou said the new service will provide users with a personal IBAN, allowing them to send and receive funds across banks in multiple currencies. At launch, the service will also support the United States dollar alongside a range of other fiat currencies. Details regarding the full list of supported currencies were not available at the time of publication.
To create a bank account, Bybit users will have to complete Know Your Customer (KYC) verification, after which they will be able to deposit fiat, pay bills, receive salaries in their name, and also convert their balances to crypto directly within the platform.
In an interview with Bloomberg, Zhou added that Bybit has partnered with several banks to enable the service, including Qatar National Bank (QNB), DMZ Finance, and Pave Bank, a startup lender licensed in the Eastern European country of Georgia.
Bybit will launch a new custody product
There are also plans to launch a new custody product targeting institutional clients, according to Zhou. The service will support banks and other large investors involved in tokenizing real-world assets such as stocks or property.
However, Zhou said the exchange has no plans to set foot in the predictions market, where platforms like Polymarket and Kalshi are generating significant revenues.
“We looked and there had been a lot of compliance challenges,” Zhou said.
U.S. expansion plans
Among other plans, Bybit is also preparing for a potential entry into the U.S. market, which has become more attractive under a pro-crypto administration helmed by President Donald Trump. However, Zhou said the company would need to work with a licensed partner to operate in the U.S.
Over the long run, Zhou said the exchange was already in talks with major banks and is getting more and more prepared for a public listing in the U.S.
Bybit is one of the world’s largest crypto exchanges in terms of trading volume and has been working to expand its global footprint over the past several months.
It launched Kazakhstan’s first regulated peer-to-peer trading platform in November last year, allowing locals to buy and sell digital assets through a licensed system supported by financial institutions.
However, in Japan, Bybit had to stop onboarding new users since October in a bid to align with the country’s Financial Services Agency’s compliance requirements.
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