Bybit, one of the world’s largest crypto exchanges, is planning to enter the crypto neobank business with a new product that allows customers to hold and move fiat currencies like the US Dollar and Euro.
The “MyBank” service will go live in February, subject to regulatory approval, and will allow users to send and receive 18 fiat currencies using international bank account numbers (IBANs), Bloomberg reported Thursday, citing the company’s CEO Ben Zhou.
Crypto neobanks have helped digital asset companies differentiate themselves from traditional financial platforms (TradFi) with services such as payments. Various crypto neobanks are currently vying for dominance, including Ether.fi, Kast, and Offramp.
Bybit’s MyBank accounts are offered in partnership with local banks, including Pave Bank, a licensed lender in Georgia. MyBank users will be able to instantly convert fiat currency to crypto after a deposit, streamlining the process of entering digital assets from the banking system.
This is a reversal of the model used by fintech companies like Revolut and Robinhood, which added crypto features after expanding their banking tools. Bybit has already developed its payment offering, notably by linking its Bybit Pay service to digital wallets in Peru earlier this year.
This expansion comes as Bybit eyes broader international growth. CEO Ben Zhou said the company was considering entering the U.S. market, but would need an approved partner to proceed.
Dubai-based Bybit says it has more than 81 million users in more than 200 countries and has said its long-term goal is to be publicly listed in the United States.
The exchange did not immediately respond to CoinDesk’s request for additional comment.
