Bybit Set to Disrupt Finance: Launching ‘My Bank’ This February with Personal IBANs and Seamless Fiat-Crypto Integration

Bybit, one of the world’s premier cryptocurrency exchanges by trading volume, has officially announced its ambitious leap into the traditional financial sector with the upcoming launch of “My Bank.” Scheduled to debut in February 2025, this retail banking service aims to bridge the long-standing gap between digital assets and conventional fiat banking. The announcement was made by Bybit CEO Ben Zhou during a live keynote, highlighting a strategic shift for the exchange as it seeks to provide a comprehensive financial ecosystem for its global user base.

The core feature of "My Bank powered by Bybit" is the provision of personal International Bank Account Numbers (IBANs) to its users. Unlike traditional crypto-to-fiat gateways that often involve third-party processors, this new service allows users to hold accounts in their own names. This infrastructure supports instant fiat access, multi-currency transfers, and direct cryptocurrency trading within a single interface. At launch, the service is expected to support transfers in up to 18 different currencies, with US dollar (USD) functionality being a primary feature from day one.

To ensure regulatory compliance and robust operational capacity, Bybit has established strategic partnerships with several banking institutions. Notable partners include Qatar National Bank (QNB), DMZ Finance, and Pave Bank—a digital lender licensed in Georgia. This collaborative approach allows Bybit to offer services such as direct salary deposits, bill payments, and even high-value transactions like purchasing real estate or vehicles directly through the platform.

CEO Ben Zhou emphasized that "My Bank" is designed to eliminate the friction points typically associated with moving money between crypto exchanges and traditional banks. By providing users with their own IBAN, the platform ensures that transfers are recognized by other banks as standard personal transactions, reducing the risk of flagged transfers or account freezes often seen in the crypto industry. Users will be able to access these features immediately after completing the standard Know Your Customer (KYC) verification.

This move follows a year of recovery and growth for Bybit, signaling its evolution from a dedicated crypto trading platform into a neo-banking powerhouse. As the lines between Decentralized Finance (DeFi) and Centralized Finance (CeFi) continue to blur, Bybit’s "My Bank" represents a significant step toward the mass adoption of digital assets by making them as spendable and manageable as traditional cash.

Posted Using INLEO