Bybit Plans European Super-App with Banking and Derivatives Features
Bybit Targets Europe with Banking and Crypto Super-App
Bybit, a major cryptocurrency exchange, is preparing to launch a "super app" in Europe. This app will offer banking-like services, such as holding an account and receiving salaries, along with trading in regulated derivatives (financial contracts based on asset prices) and tokenized stocks (digital versions of company shares).
The move is part of Bybit's strategy to provide a comprehensive financial platform in the European Union.
Licenses and Planned Services
- Bybit holds an electronic money institution (EMI) license from Austria's Financial Market Authority.
- The exchange already has a Markets in Crypto Assets (MiCA) license in Austria, granting access to the entire EU.
- Bybit is about to acquire a Markets in Financial Instruments Directive (MiFID) license, expected in approximately two months.
The EMI license enables banking features like personal accounts with IBANs for salary deposits and local transfers. The MiFID license will allow Bybit to offer derivatives and direct stocks such as Apple and Tesla.
CEO Explains Need for Multiple Licenses
In an interview with CoinDesk, Bybit CEO Ben Zhou stated that multiple licenses are essential to compete in Europe. He noted that a MiCA license alone is not profitable due to compliance costs and competition from apps like Revolut.
Zhou said, "With these three licenses, we will become kind of like Revolut, plus what is currently offered by Bybit. And this is all completely regulated and compliant."
Confirmed Details and Timeline
Confirmed information from the sources includes:
- Bybit has obtained EMI and MiCA licenses in Austria.
- The MiFID license is expected to be secured in about two months.
- The super app will include banking services, derivatives, and tokenized stocks.
- Bybit will continue its partnership with Kraken's xStocks for tokenized equities.
Why This Matters for European Users
Bybit's plan addresses the requirement in Europe for multiple licenses to offer a full range of financial products. By combining crypto trading with banking and derivatives, Bybit aims to provide an integrated service that could compete with existing fintech apps.
This development may increase options for users seeking regulated crypto and traditional finance services in one place.
