A Crypto Exchange Prepares to Enable Salary Receipts and Bill Payments via IBAN Accounts in Europe
Bybit is preparing to launch a “super app” model in Europe that combines crypto transactions with bank accounts, payment services, and various investment products.
Bybit, one of the world’s largest cryptocurrency exchanges, is obtaining new licenses to expand its operations in Europe. In an interview with CoinDesk, the company’s CEO, Ben Zhou, announced that they have received an electronic money institution license from the Austrian Financial Market Authority (FMA).
Bybit’s existing MiCA license allows the company to offer crypto services across the European Union. According to Zhou, the electronic money license will pave the way for users to have their own accounts and IBAN numbers. This will enable customers to receive salaries, pay bills, and perform local money transfers.
The Era of Accounts and IBANs in Bybit’s European Plan
The company aims to integrate crypto trading services with these payment features within the same application. Zhou stated that the model will function similarly to the UK-based finance app Revolut, but with the addition of Bybit’s existing crypto services.
The Bybit CEO noted that a single license is not enough to operate and build a profitable business in Europe. Stating that the MiCA license the company has been using for about a year is not yet profitable due to compliance costs, Zhou said they need a broader product range.
New License Expected for Stock and Derivatives Trading
Zhou also revealed that they expect Bybit to obtain a MiFID license within about two months. Once this license is obtained, it was stated that the company will be able to offer regulated derivative products, US stocks, and contracts for difference (CFDs). It is planned for users to be able to hold stocks like Apple and Tesla, as well as access trades based on gold, silver, oil, and other commodities.
Bybit will also continue its partnership with Kraken’s xStocks product for tokenized stocks. Founded in 2018 and serving more than 80 million users, the company aims to transform from a crypto exchange into a bank-like financial app in Europe with its new licenses.