Dubai-based cryptocurrency exchange Bybit is set to roll out retail banking services on its platform by February. Dubbed “My Bank powered by Bybit,” this new product will let customers with accounts hold balances in USD as well as other fiat currencies. It plans to achieve this in collaboration with partner banks.
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According to a Bloomberg report, Bybit plans to start offering banking services, including the launch of accounts with FX capabilities. Pave Bank, a startup lender licensed in the Eastern European country of Georgia, is one of the partner banks that Bybit will engage in this new initiative.
According to Bybit CEO Ben Zhou, these MyBank accounts will come with an International Bank Account Number (IBAN). This allows customers to transfer up to 18 currencies in and out of the different financial institutions that fall under its partner banks. Users will be granted access to their personal bank accounts after they complete K
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