Bybit, one of the leading cryptocurrency exchanges, announced that it will add bank accounts to its crypto platform as part of its expansion plans into the US.
According to the official announcement, ByBit plans to launch a service called “MyBank” that will allow users to hold and transfer 18 fiat currencies via their IBANs.
Bybit CEO Ben Zhou recently announced plans to launch a new product called “MyBank powered by Bybit” during a live broadcast.
With this move, ByBit aims to enter the crypto neobank market.
The exchange announced that users will be able to receive personal IBAN numbers for payments and transfers after completing KYC procedures.
The exchange will partner with local banks such as Pave Bank to provide instant conversions from fiat currency to cryptocurrencies and offer seamless access to digital assets.
Exchange CEO Zhou said the new MyBank accounts will allow users to hold not only cryptocurrencies but also US dollars and other fiat currencies.
When funds such as dollars or pounds arrive in a user’s account, users can immediately choose to keep the money in cash or convert it to cryptocurrency. At this point, this direct link between banking and cryptocurrencies is seen as a major development for everyday users.
Bybit has announced direct AED bank deposits and withdrawals in the UAE, in addition to its MyBank service. Under local regulations, eligible users can now transfer funds directly between their Bybit accounts and UAE banks.
*This is not investment advice.
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