Cryptocurrency exchange giant Bybit is making a significant push into traditional financial services, announcing plans to roll out dedicated IBAN (International Bank Account Number) accounts for its global user base. This strategic move, slated for February, positions Bybit to adopt key features commonly associated with neobanks, enhancing the platform’s utility beyond basic cryptocurrency trading. The integration of personal IBAN accounts will allow users to hold fiat currency directly within their Bybit ecosystem, enabling seamless deposits, withdrawals, and transfers using standard bank rails rather than relying solely on third-party payment processors or complex blockchain transfers. This development is crucial for bridging the gap between digital assets and traditional finance (TradFi). By providing personalized account numbers, Bybit aims to offer a more compliant and robust financial experience, particularly appealing to institutional investors and high-volume retail traders who require reliable fiat off-ramps and on-ramps. The initiative reflects a broader trend among major crypto exchanges seeking to diversify their offerings and establish themselves as comprehensive financial hubs, competing directly with established fintech leaders.
Source: Bybit eyes neobank features with IBAN accounts rollout planned for February
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