Bybit’s “MyBank” will be launched in partnership with licensed banks
Bybit is making a major shift in direction as it looks to move beyond crypto trading and closer to full-scale banking. The Dubai-based exchange plans to introduce fiat accounts that allow users to hold and move traditional currencies like U.S. dollars alongside digital assets.
The new product, called “MyBank,” will be launched in partnership with licensed banks, including Georgia-based Pave Bank. These accounts will come with IBANs, giving users the ability to transfer up to 18 different currencies in and out of the platform, pending regulatory approval.
Bybit CEO Ben Zhou said the goal is to make moving between fiat and crypto easier. Once money arrives in a MyBank account, users can quickly convert it into crypto without relying on third-party services. The accounts are expected to go live as early as February if approvals are secured.
This approach mirrors the structure of modern digital banks, but with crypto at the center. While firms like Revolut and Robinhood added crypto after building banking tools, Bybit is taking the opposite route by adding banking features to an existing crypto platform.
Bybit is already one of the largest exchanges in the world, claiming more than 81 million users across 200 jurisdictions. The company says its wide global reach and relationships with nearly 2,000 banks give it an advantage as it expands into financial services.
The move comes after a turbulent period for the exchange, including a major hack last year that led to significant losses. Despite that setback, Bybit continues to diversify, having already added access to stocks and commodities through derivatives, signaling its ambition to become a broader financial platform.
