On January 29, Bybit CEO Ben Zhou stated that the company plans to launch IBAN-based fiat currency accounts as early as February, supporting 18 fiat currencies. This signifies Bybit's accelerated transformation from a crypto trading platform into a comprehensive financial services provider with neobank functionality.
The account product will be launched under the "MyBank" brand and issued through partnerships with institutions such as Pave Bank (a licensed bank in Georgia, USA). Users will receive a personal IBAN, enabling them to receive and transfer funds across borders and freely switch between fiat currency and crypto assets. Initially, it will prioritize supporting the US dollar (USD), later expanding to other currencies. The service is subject to KYC compliance checks by Bybit and its partner banks, and the launch date depends on the progress of regulatory approvals.
Zhou also revealed that Bybit is developing a tokenized custody product for real-world assets (RWA) for banks and large institutions, and is assessing the possibility of expansion into the US market and a future IPO in the US. It has already been in contact with several large banks.
Bybit added that its compliance team is in close communication with regulatory authorities and expects the relevant approvals to be in place next month. This move aligns with Bybit's overall strategy for 2025, focusing on regulatory progress, institutional funding inflows, and rapid expansion of its tokenization business.
