Bybit, one of the world’s largest crypto exchanges, plans to enter the crypto neobank space with a new product that allows customers to hold and move fiat currencies such as the US dollar and euro.
The MyBank service will launch in February, subject to regulatory approval, and will allow users to send and receive 18 fiat currencies using their International Bank Account Number (IBAN), Bloomberg reported on Thursday, citing CEO Ben Zhou.
Crypto neobanks have helped digital asset companies separate from traditional financial platforms (TradFi) with services such as payments. Currently, various crypto neobanks are vying for supremacy, including Ether.fi, Kast, and Oframp.
Bybit’s MyBank account is offered in partnership with local banks, including Pave Bank, a Georgia licensed lender. MyBank users will now be able to convert fiat currency to cryptocurrency immediately after depositing, streamlining the process of entering digital assets through banking systems.
This is a reversal of the model used by fintech companies such as Revolut and Robinhood, which built banking tools and then added crypto capabilities. Bybit is already building out its payment services, including linking its digital wallet with Peru’s Bybit Pay service earlier this year.
The expansion comes as Bybit looks towards broader international growth. CEO Ben Zhou said the company is considering entering the U.S. market, but would need a licensed partner to move forward.
Dubai-based Bybit says it has more than 81 million users in more than 200 countries and has listed a U.S. listing as a long-term goal.
The exchange did not immediately respond to a request for further comment from CoinDesk.
