Bitcoin (BTC) and cryptocurrency exchange Bybit is preparing to offer banking services with a new product that allows customers to hold and move fiat currencies.
For this they developed a service called MyBank. Expected to begin operations in February, subject to regulatory approvalsusers will be able to send and receive 18 fiat currencies, including USD and EUR, using their International Bank Account Number (IBAN).
The move aims to allow exchange users to maintain balances in 18 fiat currencies, including the dollar and euro, facilitating instant exchange between the traditional financial system and digital asset markets.
As Bybit CEO Ben Zhou explained, the service aims to eliminate the current difficulties in depositing and withdrawing capital, ensuring that remittances arrive in the user’s own name rather than the company’s.
To implement this infrastructure, Bybit established partnerships with regulated financial institutions. The exchange plans to open bank accounts with the help of partner banks such as Pave Bank.a Georgia licensed lender.
“As soon as you receive the pounds or US dollars, you can choose to transfer it to cryptocurrencies,” Chou said. The manager emphasized that the main objective is to simplify the customer experience by integrating traditional finance and digital currency technologies.
Expanding regulations and the US market
The company’s strategy aims for sustained international growth following a period of restructuring following previous security incidents.
Mr. Zhou said: The company is considering entering the US market.However, you will need a certified partner to proceed.
In continental Europe, the company has already taken important steps to strengthen its presence under the current legal framework. The Bybit platform recently obtained a license under the Cryptocurrency Market Regulation (MiCA) and began operations. This infrastructure is essential to deploying MyBank in countries like Spain.According to a report by CriptoNoticias, since December last year, the platform has been providing support and services adapted to community regulations.
The transformation of exchanges into neobanks is a growing trend in the global financial industry. Platforms born in the digital asset space are aiming to obtain banking licenses, while 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 are licensed to operate in a structure similar to a national trust bank. Bybit’s progress reflects this convergence, positioning cryptocurrencies not just as an investment alternative, but as the axis of a new system of comprehensive financial services.
(Translate tag) Banking and insurance
