Summary
- Global cryptocurrency exchange Bybit said it plans to launch a fiat account service with support from partners including Pave Bank.
- The service will support deposits and withdrawals in 18 currencies and is expected to begin next month once it receives regulatory approval.
- Bloomberg reported that Bybit, like neobanks such as Revolut and Robinhood, is considering expanding its financial services as well as entering the U.S. and pursuing a U.S. stock market listing.
Global cryptocurrency exchange Bybit is set to launch a fiat-based account service as early as next month.
Ben Zhou, Bybit’s chief executive officer (CEO), said in an interview with Bloomberg released on the 29th (local time) that the company will roll out the fiat account service with support from banking partners including Pave Bank. Zhou said the service will support deposits and withdrawals in 18 currencies and that Bybit plans to begin next month as soon as it receives regulatory approval.
Speculation is also growing that Bybit could evolve beyond an exchange into a “neobank.” Bloomberg reported that “ultimately, Bybit could come to resemble a neobank that provides a range of financial services,” adding that Revolut and Robinhood—often described as neobanks—started with banking and brokerage services before expanding into cryptocurrency trading.
Asked about the possibility of entering the U.S. market, Zhou replied that it is “under review.” He said U.S. expansion would require working with a licensed partner and that Bybit is in talks with major banks for advice on a potential U.S. stock market listing.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
