BYBIT LAUNCHES BANK ACCOUNTS - BUT THIS IS NOT DEFI

Bybit announced the launch of multi-currency bank accounts with IBAN and fiat support.

Essentially, the exchange is moving towards a centralized neobank (CeFi).

📌 What this means:

• accounts are opened through partner banks;

• mandatory KYC and regulatory oversight;

• funds stored off-chain;

• access depends on jurisdictions and bank rules.

This is a convenient bridge between fiat and crypto —

but the user does not control the money directly.

💡 An alternative path — on-chain banking

At the same time, another model is emerging — decentralized banks like WeFi:

• self-custody — funds are under user control;

• operations through smart contracts;

• without traditional bank intermediaries;

• financial products embedded directly into the blockchain.

Here the bank is code, not an account in an external institution.

📈 Conclusion

Bybit strengthens the CeFi infrastructure.

WeFi is moving towards Web3 — towards financial autonomy and on-chain banking.

👉 Subscribe if you're interested in what next-generation banking will look like.

#Bybit #WeFi #Web3