Bybit Enters Crypto Neobank Market With MyBank Launch
Bloomberg recently reported that the exchange is adding bank accounts to its platform. This is a move toward becoming a crypto neobank. Bybit aims to make it easier for users to hold, transfer, and convert fiat currencies directly into digital assets.
The new service, called MyBank, is set to go live in February, pending regulatory approval. Users will be able to send and receive 18 fiat currencies using International Bank Account Numbers, or IBANs. This will be in partnership with local banks like Georgia-licensed Pave Bank. Deposits made into these accounts can be instantly converted into cryptocurrency. This simplify the entry point for those new to digital assets.
Bridging Traditional Banking and Crypto
