Bybit Transforms into Global Neo-Bank with Launch of MyBank Retail Services
On February 11, 2026, Bybit, the world’s second-largest cryptocurrency platform by volume, officially inaugurated its new retail banking division, “MyBank powered by Bybit.” This landmark initiative represents a fundamental shift in the company’s 2026 roadmap, transitioning the platform from a niche digital asset platform into a comprehensive “New Financial Platform” that bridges the gap between traditional fiat currency and blockchain-native assets. Through partnerships with a global network of licensed financial institutions, including Qatar National Bank and the Georgia-licensed Pave Bank, Bybit now offers its eighty million users the ability to open fully regulated retail bank accounts. These accounts provide users with a personal International Bank Account Number (IBAN), enabling them to perform standard banking functions such as paying bills, receiving salaries, and conducting cross-border transfers in up to eighteen diverse fiat currencies, all within the existing Bybit interface.
Eliminating Frictions Between Fiat Infrastructure and Digital Liquidity
The primary value proposition of the MyBank ecosystem is the seamless, instantaneous integration it provides between traditional bank balances and crypto-asset markets. Bybit CEO Ben Zhou emphasized that this product is designed to eliminate the “hassle” and high fees typically associated with third-party on- and off-ramps, which have historically served as the primary bottleneck for mainstream crypto adoption. Once a user’s pound, euro, or dollar arrives in their personal MyBank account, they can immediately choose to hold it as cash or deploy it into the platform’s deep liquidity pools with zero latency. This reverse-integration strategy—where a crypto-native firm builds into banking—stands in direct contrast to traditional fintechs like Revolut or Robinhood, which added crypto services only later than establishing a banking foundation. Bybit’s approach leverages its existing infrastructure of nahead 2,000 banking partners to provide an “always-on” settlement layer that operates independently of the narrow windows and correspondent delays of the legacy financial system.
Strategic Global Expansion and the Roadmap for Institutional Custody
As part of the broader rollout, Bybit has also introduced specialized banking features in key regional hubs, such as direct AED deposits and withdrawals in the United Arab Emirates under a local regulatory framework. This regional depth is being paired with an aggressive push into the institutional sector, where Bybit is launching a dedicated custody product to support banks and large investors involved in the tokenization of Real-World Assets (RWAs). While the retail MyBank accounts focus on day-to-day utility, the institutional layer is designed to offer secure segregation of client assets with traditional financial secureguards, such as deposit insurance and independent custodial oversight. Despite the rapid diversification, the firm has stated it will avoid “compliance-heavy” niches like prediction markets to maintain its focus on core banking and trading utilities. As Bybit prepares for a potential U.S. public listing later this year, the success of the MyBank initiative will serve as a critical test of whether a digital-first platform can successfully capture the 1.4 billion underbanked individuals currently excluded from the traditional global economy.
