Bybit to Launch Retail Banking Services With Personal IBANs

TheNewsCryptoОпубліковано о 2026-01-29Востаннє оновлено о 2026-01-29

Анотація

Bybit, a major Dubai-based cryptocurrency exchange, has announced plans to launch retail banking services in February. The new offering, called "My Bank powered by Bybit," will provide users with personal IBANs, enabling them to send and receive funds in multiple currencies, starting with US dollars. This initiative marks Bybit's expansion beyond crypto trading, following a significant hack the previous year. Users can access these banking features after completing KYC verification, allowing them to deposit fiat, pay bills, receive salaries, and trade crypto. The exchange is collaborating with banking partners like Qatar National Bank and DMZ Finance, and is also working with Georgia-licensed Pave Bank. The service is expected to support transfers in approximately 18 currencies, pending regulatory approvals.

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.

Highlighted Crypto News Today:

Whale Wallet Receives 445k HYPE tokens, Strengthens HODL Aspects

Пов'язані питання

QWhat new service is Bybit planning to launch in February?

ABybit is planning to launch retail banking services, including a product called 'My Bank powered by Bybit', which will offer users personal IBANs.

QWhich banking partners has Bybit collaborated with for this initiative?

ABybit has partnered with Qatar National Bank (QNB) and DMZ Finance, and is also working with the startup lender Pave Bank.

QWhat functionality will users have access to after completing KYC verification?

AAfter completing KYC verification, users will have access to personal bank accounts where they can deposit fiat currency, pay bills, receive salaries, and trade crypto.

QHow many currencies is the new service expected to support for transfers?

AThe service is anticipated to support transfers in around 18 currencies, subject to regulatory approvals.

QWhat significant event impacted Bybit prior to this expansion into banking services?

ABybit was hit by a $1.4 billion hack approximately a year prior to this expansion effort.

Пов'язані матеріали

The Era Has Arrived Where Human Writers Must Prove They Are Not Machines

The article describes an era where AI-generated content is flooding the market, forcing human authors to prove they are not machines. It begins with the example of dozens of AI-written, error-ridden biographies of Henry Kissinger appearing on Amazon within hours of his death, a pattern repeated for other deceased celebrities and even living experts who find fraudulent books under their names. This spam content has exploded, with monthly new book releases on platforms like Amazon reaching 300,000 by late 2025. The issue spans genres, from suspiciously high proportions of AI-written teen romance and self-help books to dangerous, AI-generated foraging guides containing lethal advice. The platforms' automated review systems, designed to catch plagiarism and banned words, are ill-equipped to detect AI-generated text that avoids these pitfalls while being nonsensical or fraudulent. The problem has infiltrated traditional publishing. A major publisher, Hachette, had to recall a bestselling horror novel after AI detection tools suggested 78% of its content was machine-generated. An acclaimed European philosophy book was later revealed to be entirely written by AI under a fake author persona. In response, authors are fighting back. At the 2026 London Book Fair, 10,000 writers published a blank book titled "Don't Steal This Book" containing only their signatures—using emptiness as a protest weapon in an age of AI overproduction. Initiatives like the "Human Author Certification" program have emerged, ironically placing the burden on humans to prove their work is not machine-made. The article warns of a vicious cycle: AI-generated low-quality books pollute the data used to train future AI models, leading to "model collapse" and an ever-worsening flood of digital waste, eroding trust in publishing and devaluing human creativity.

marsbit8 хв тому

The Era Has Arrived Where Human Writers Must Prove They Are Not Machines

marsbit8 хв тому

Strategy CEO Highlights Scenarios Where Company Would Sell Bitcoin — Report

Strategy CEO Phong Le outlined potential scenarios for the company to sell portions of its massive Bitcoin holdings, a departure from its "Never Sell" philosophy. In a CNBC interview, Le stated sales could occur to finance dividend payments for its Perpetual Preferred Stock if doing so increases shareholder value, defined as a rise in "Bitcoin per share." He emphasized a data-driven approach, prioritizing math over ideology. Other reasons include when the company's book value is below market value or to capture tax benefits. As the largest corporate holder with 818,334 BTC (~$65 billion), Strategy has significant annual dividend obligations (~$1.5 billion). Le believes the Bitcoin market's high liquidity (~$60B daily volume) can absorb such sales without major price impact. Bitcoin currently trades around $80,840.

bitcoinist20 хв тому

Strategy CEO Highlights Scenarios Where Company Would Sell Bitcoin — Report

bitcoinist20 хв тому

Crypto Funds See Six Consecutive Weeks of Net Inflows, CLARITY Act Drives $858 Million Influx

Global cryptocurrency investment products recorded a net inflow of $857.9 million last week, marking the sixth consecutive week of positive flows and the largest single-week inflow since April 24, according to CoinShares' latest report. The primary catalyst was legislative progress on the U.S. CLARITY Act, specifically the final compromise text for stablecoin yield provisions, alongside Bitcoin's price breaking above $80,000. U.S.-listed products dominated with $776.6 million in inflows, a significant jump from the prior week's $47.5 million. European markets also saw increased participation. Bitcoin products led with $706.1 million in inflows, while short-Bitcoin products experienced their largest weekly outflow of 2026, indicating unwinding bearish positions. Major altcoins like Ethereum, Solana, and XRP all saw renewed positive flows, with Ethereum reversing its prior week's outflow to attract $77.1 million. Total assets under management (AUM) climbed to $160 billion.

marsbit23 хв тому

Crypto Funds See Six Consecutive Weeks of Net Inflows, CLARITY Act Drives $858 Million Influx

marsbit23 хв тому

Silicon Valley Wang Chuan: How Can You Not Feel Anxious When the Neighbor Lao Wang Earned 30x by Investing in Storage Stocks?

The author explores anxiety, attributing it to the amygdala's stress response, and suggests writing down worries to shift control to the rational prefrontal cortex, easing anxiety more effectively than mere reassurance. The piece then examines a source of financial anxiety in May 2026: a 150% surge in the Philadelphia Semiconductor Index, with storage stock SNDK skyrocketing 38x. The author analyzes the underlying logic behind this boom, tracing it to soaring valuations of AI startups like Anthropic (Anth). Anth's reported $400 billion ARR is scrutinized, revealing that cumulative revenue since founding is only about $108 billion, with the company still losing billions monthly and relying on continuous funding (having raised $723 billion). The author contrasts Anth's $1+ trillion valuation speculation with Berkshire Hathaway's fundamentals ($3.7 trillion revenue, $669 billion profit, $4 trillion cash, $1 trillion market cap), questioning the belief that a loss-making, funding-dependent startup could be worth more than the established giant. The narrative concludes by linking the massive valuations of Anth and OpenAI to a surge in AI industry capital expenditure (capex), which in turn fueled the storage sector's prosperity, setting the stage for a further discussion.

marsbit34 хв тому

Silicon Valley Wang Chuan: How Can You Not Feel Anxious When the Neighbor Lao Wang Earned 30x by Investing in Storage Stocks?

marsbit34 хв тому

The King of Blind Date Attire in Korea: How SK Hynix Made a Comeback Against Samsung?

In South Korea's dating scene, SK Hynix employees are now highly sought after, a status shift fueled by the company's astronomical profits and employee bonuses, projected to reach up to 6.1 million RMB per person by 2027. This marks a dramatic reversal for the long-time second-place player in memory semiconductors, which has now surpassed its rival Samsung in annual operating profit. The turnaround story began in 2008 when a struggling Hynix, emerging from bankruptcy restructuring, took a risky bet by agreeing to develop High Bandwidth Memory (HBM) with AMD. At the time, HBM had no clear market beyond high-end graphics cards and was a costly, complex technology. Major players like Samsung, pursuing its own HMC technology, declined. For Hynix, with only memory as its core business, it was a gamble born of necessity. The pivotal moment came in 2012 when SK Group Chairman Chey Tae-won acquired Hynix. Defying industry downturns, he invested heavily in R&D and fabrication, sustaining the HBM project through over a decade of commercial uncertainty and internal challenges. A key break occurred around 2016-2017 when Samsung faced production issues supplying HBM2 for Google's TPU, allowing SK Hynix to gain a crucial foothold in the data center market. The AI explosion post-ChatGPT in 2022 was the catalyst, turning HBM into a critical bottleneck for AI accelerators like NVIDIA's GPUs. By 2025, SK Hynix captured 62% of the global HBM market, leaving Samsung at 17%. For the first time, its annual operating profit exceeded Samsung's. Analysts point to the "innovator's dilemma" to explain Samsung's miss: its vast, successful business portfolio made it risk-averse, preventing an all-in bet on the initially niche HBM technology. In contrast, SK Hynix, as a challenger with its back against the wall, had no choice but to commit fully. The story highlights how Korea's chaebol system allows for ultra-long-term bets beyond quarterly pressures. However, SK Hynix's lead isn't guaranteed. Samsung is aggressively catching up on HBM4, and challenges like customer concentration (heavy reliance on NVIDIA) and technical hurdles in advanced packaging remain. The narrative underscores a market truth: the greatest alpha often comes from betting on uncertain, long-term directions others dismiss, much like HBM in 2008.

marsbit48 хв тому

The King of Blind Date Attire in Korea: How SK Hynix Made a Comeback Against Samsung?

marsbit48 хв тому

Торгівля

Спот

Ф'ючерси