One of the largest crypto exchanges has decided to become a “neobank”

Dubai-based cryptocurrency exchange Bybit plans to begin providing banking services after launching accounts that will allow customers to store funds in US dollars and other fiat currencies. Bloomberg reported this.

Bybit intends to launch “MyBank” accounts in February with the help of partner banks, including Georgia-registered Pave Bank, said crypto exchange CEO Ben Zhou. Such accounts will have an international bank account number (IBAN), which will allow customers to transfer and store 18 currencies, he said.

“Once your GBP or USD arrives in your account, you can convert it into cryptocurrency. This is a huge upgrade,” Zhou said.

With the launch of “MyBank” accounts, the crypto exchange will become similar to “neobanks” such as Revolut and Robinhood. While the latter started by providing banking services to clients and then expanded their activities to cryptocurrency trading, Bybit plans to do the opposite.

In addition, the crypto exchange plans to launch a new asset storage product for banks and large investors, Zhou said. This may be of interest to organizations that tokenize their assets, for example, creating NFTs or shares linked to the blockchain.

Bybit is considering entering the US market, which has become attractive following the election victory of pro-crypto President Donald Trump. However, according to Zhou, to enter the American market, cooperation with a licensed partner is necessary. He added that the crypto exchange has already begun negotiations with large banks on this issue.