Bybit, one of the world’s largest cryptocurrency exchanges, is planning to enter the cryptocurrency neobank space, launching a new product that will allow customers to hold and transfer fiat currencies such as U.S. dollars and euros.
The “MyBank” service will be launched in February and, subject to regulatory approval, will allow users to send and receive 18 fiat currencies using international bank account numbers (IBANs), Bloomberg reported on Thursday, citing the company’s CEO Ben Zhou.
Cryptocurrency neobanks help digital asset companies separate themselves from traditional financial platforms (TradFi) through services such as payments. Currently, various cryptocurrency neobanks are vying for dominance, including Ether.fi, Kast, and Offramp.
Bybit’s MyBank account is offered in partnership with local banks, including Georgia-authorized lender Pave Bank. MyBank users will be able to instantly convert fiat currencies into cryptocurrencies after making a deposit, streamlining the process of entering digital assets from the banking system.
This is contrary to the model used by fintech companies such as Revolut and Robinhood, which added crypto features after building banking tools. Bybit is already building out its payments products, including connecting its Bybit Pay service with digital wallets in Peru earlier this year.
The expansion comes as Bybit eyes broader international growth. CEO Ben Zhou said the company was considering entering the U.S. market but would need a licensed partner to proceed.
Dubai-based Bybit said it has more than 81 million users in more than 200 countries and cited a U.S. public listing as its long-term goal.
The exchange did not immediately respond to CoinDesk’s request for further comment.
