Bybit, the Dubai-based crypto exchange by trading volume, has planned to roll out retail banking services on its platform, initiating in February, the company mentioned on January 29.
At the time of a live online keynote, Bybit also revealed a product named “My Bank powered by Bybit”. The chief executive officer of the exchange, Ben Zhou, mentioned the service will offer users a personal IBAN, permitting them to send as well as receive funds over banks in different currencies, initiating with the US dollar transfers at the time of rollout.
The move shows the recent effort of Bybit to widen apart from crypto trading, coming after around a year of being hit by a $1.4 billion hack. Bybit mentioned that the users will have access to their personal bank accounts as soon as they complete their KYC verification.
After having the access, the users can deposit fiat currency, pay bills, receive salaries and trade crypto, all with their own name. The exchange also revealed that it is partnering with various banking partners, consisting of Qatar National Bank (QNB) and DMZ Finance, with which it collaborated last year on tokenised asset initiatives.
Reducing Challenges and Difficulties
As per Bloomberg, the firm is also operating with startup lender Pave Bank, licensed in the Eastern European country of Georgia. The service is anticipated to back transfers in around 18 currencies, although it is liable to regulatory approvals.
However, the exchange has not officially commented on the matter. The CEO also mentioned that this product will reduce many difficulties and challenges you face today. He further added that users will be able to deposit fiat directly from their bank accounts.
And to the bank, they are normally doing a transfer to your own bank account. You can even use this to purchase a car, pay for an apartment and things like that without hassle.
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