Crypto Exchange Bybit Is Entering Robinhood's Turf, 'Looking Into' US Expansion: Report

• Bybit CEO Ben Zhou reportedly said that Bybit is“looking into” expanding its operations to the U.S., but that it needs a licensed partner to make it possible.
• By blending its existing crypto trading platform with fiat banking and everyday finance tools, Bybit is evolving into a neo-bank akin to Robinhood.
• Zhou believes Bybit has an edge over its competitors, given its global exposure.
• The crypto exchange is reportedly also planning to launch a new custody product for institutional investors.

Dubai-based crypto exchange Bybit is reportedly gearing to enter the same space as Revolut and Robinhood (HOOD), with plans to roll out bank accounts for its customers by February.

According to a Bloomberg report, the accounts will be able to hold balances in U.S. dollars and 17 other fiat currencies. Bybit CEO Ben Zhou said in the interview that Bybit plans to roll out these 'MyBank' accounts with the help of banking partners like Pave Bank and they will have an International Bank Account Number (IBAN) to facilitate support for fiat currencies. 

The February deadline for these plans is contingent on regulatory approvals, the report said. Zhou added that the firm is“looking into” expanding its operations to the U.S. but needs a licensed partner to make it possible.

A Neo-Bank Like Robinhood

By blending its existing crypto trading platform with fiat banking and everyday finance tools, Bybit is evolving into a neo-bank akin to Robinhood. It's already one of the world's largest cryptocurrency exchanges by trading volume. According to Zhou, the firm also has an edge over competitors due to its global exposure. He noted that Bybit is currently active in over 200 jurisdictions and has partnered with nearly 2,000 banks to support its operations. 

He added that Bybit also has plans to launch a new custody product for institutional investors that mainly supports other banks in tokenizing real-world assets (RWAs) – one area that is expected to boom this year alongside prediction markets. The company has previously expanded into commodities and stocks trading by offering Contracts for Difference, a kind of derivative.

Simply put, Bybit's neo-bank push prioritizes crypto as the core offering alongside fiat banking, while Robinhood treats crypto as a side feature to its stock focus.

HOOD's stock edged 0.28% higher after hours, following a loss of 1.75% in the regular session after the broader market dipped amid the Federal Reserve's decision to keep interest rates steady. Retail sentiment on Stocktwits around Robinhood remained in 'neutral' territory, down from 'extremely bullish' a week ago.

The crypto market also took a hit after the Fed's decision. Bitcoin (BTC) fell 1.4% in the last 24 hours to around $87,833. Retail sentiment around the apex cryptocurrency fell to 'extremely bearish' from 'bearish' over the past day. The overall crypto market was down 1.3% as over $345 million in leverage bets were wiped out.

Read also: Bitcoin, Ethereum Drop While Gold Extends Record Run Following Fed Decision

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