Bybit, the second-largest cryptocurrency exchange worldwide by trading volume, is setting its sights on revolutionizing the financial services landscape. With their upcoming launch of retail banking services under the new platform, ‘MyBank powered by Bybit,’ the company is marking a decisive move toward bridging traditional banking and cryptocurrency.
A New Era in Crypto-Banking Integration
Scheduled for rollout in February 2026, MyBank will enable users to hold U.S. dollars as well as other major fiat currencies, leveraging International Bank Account Numbers (IBANs) for seamless cross-border transactions. Supporting 18 different currencies, this feature aims to simplify global transfers for both individuals and businesses. Funds deposited can also be directly converted into cryptocurrencies, offering flexibility for users navigating between traditional and digital financial systems.
MyBank’s Key Features
Bybit CEO Ben Zhou introduced MyBank as an innovative solution to simplify the connection between conventional banking and crypto trading. The service includes:
- Personal IBANs: Secure transfer capabilities across multiple currencies.
- Direct fiat-to-crypto conversion: A seamless way to manage assets between cash and cryptocurrency.
- Global accessibility: Enhanced access to international payments with support for 18 currencies.
- Zero dependency on third-party payment providers: Streamlined transactions in partnership with traditional banks.
Bybit’s entry into the retail banking domain reflects its ambition to evolve from a pure crypto-focused platform into a holistic financial service provider. This strategic pivot could catalyze mainstream adoption of cryptocurrency by eliminating barriers between fiat and digital economies.
Regional Focus: UAE Expansion
Additionally, Bybit is strengthening its presence in the UAE by introducing direct AED bank deposits and withdrawals. This move is part of their compliance with the local regulatory framework, enabling users to seamlessly transfer funds between UAE bank accounts and Bybit wallets. In a bid to incentivize adoption, Bybit is offering zero fees on AED deposits and a reward pool of up to 750,000 AED for eligible users until February 28, 2026.
Discover related opportunities: If you’re diving into the world of blockchain and cryptocurrency, consider checking out the book “Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money” for in-depth insights.
Conclusion: A Step Toward Inclusivity
Bybit’s MyBank is poised to significantly enhance how users interact with their financial assets. By seamlessly integrating fiat and crypto functionalities, MyBank aims to redefine ease and accessibility in personal banking. Whether you’re an individual investor or a business owner, this innovation opens doors to more inclusive financial systems, placing Bybit at the forefront of the crypto-banking revolution.
