Bybit, a leading global cryptocurrency exchange, has announced a significant expansion of its services, introducing integrated retail bank accounts directly into its platform. Scheduled for launch in February, this initiative aims to seamlessly bridge the gap between digital assets and traditional finance (TradFi) for its global user base. The core feature of this new offering is the provision of personal International Bank Account Numbers (IBANs). This means users will be able to receive and send fiat currency (primarily expected to include EUR and possibly GBP) directly to and from their Bybit accounts, treating the exchange account similarly to a conventional bank account. This capability is crucial for enhanced financial utility, enabling features like direct salary deposits, peer-to-peer transfers, and faster, regulatory-compliant off-ramping of crypto profits. This move addresses a longstanding need among crypto users for streamlined fiat access. While Bybit itself is not a chartered bank, the service is expected to be facilitated through strategic partnerships with licensed payment processing institutions and regulated Electronic Money Institutions (EMIs) operating within key jurisdictions. This move elevates Bybit’s competitive position, transforming it into a more comprehensive digital financial ecosystem.
Source: Bybit to launch retail bank accounts with personal IBANs in February
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