Bybit to launch fiat banking services

Bybit is expanding into the banking sector by launching an account service that allows users to hold fiat currency balances, Bloomberg reported. CEO Ben Zhou said the company plans to introduce the service in partnership with licensed banks, including Fave Bank in Georgia. The accounts will be assigned an International Bank Account Number (IBAN) and will support transfers in 18 fiat currencies. The launch is scheduled for February, pending regulatory approval. Additionally, Bybit is preparing to release a custody product to support real-world asset (RWA) tokenization for institutional investors. The company is also exploring collaborations with licensed partners in the U.S. and is in discussions with major banks about a U.S. stock market listing as a long-term goal.