Crypto exchange Bybit plans to launch a "super app" in Europe that goes beyond spot crypto trading and adds regulated derivatives and tokenized stock products. Speaking to CoinDesk, Bybit founder and CEO Ben Zhou said the company has secured an Electronic Money Institution, or EMI, license from Austria's Financial Market Authority, and is close to obtaining a MiFID license.
Zhou said the combination of licenses would make the platform resemble "Revolut plus" Bybit's existing services. The EMI license would let users open bank accounts and receive an IBAN for salary payments, utility bills, and local transfers, while still connecting those functions with stablecoins and crypto assets. The MiFID license would open the door to regulated derivatives and access to products tied to U.S. stocks such as Apple and Tesla, as well as contracts for difference, gold, silver, and commodities.
Headquartered in Dubai, Bybit was founded in 2018 and says it serves more than 80 million users. The exchange had already obtained a MiCA license in Austria, giving it coverage across the European Union market. Zhou said MiCA alone has not been enough to make the business profitable in Europe after about a year of operation, and noted competition from financial apps including Revolut. He also said Bybit will continue its tokenized stock partnership with xStocks, a Kraken unit.
Crypto exchange Bybit plans to roll out a "super app" in Europe, adding regulated derivatives and tokenized stock offerings to its existing spot crypto trading business.
In an interview with CoinDesk, Bybit founder and CEO Ben Zhou said the company has obtained an Electronic Money Institution, or EMI, license from Austria's Financial Market Authority (FMA) and is close to securing a MiFID license.
Licenses would broaden the product set
Zhou said the three licenses together would make Bybit look more like Revolut layered on top of its current services.
The EMI license would allow users to open bank accounts and receive an IBAN for salary payments, utility bills, and local transfers, while also using stablecoins and crypto assets alongside those functions.
The MiFID license would allow Bybit to offer regulated derivatives, as well as products tied to U.S. stocks including Apple and Tesla, contracts for difference, gold, silver, and commodities.
European expansion comes with profitability pressure
Bybit is headquartered in Dubai, was founded in 2018, and says it serves more than 80 million users. The exchange had previously obtained a MiCA license in Austria, which can cover the entire European Union market.
Zhou said a MiCA license alone is not enough to make money in Europe. He said the license has been in operation for about a year and the company has still not reached profitability there, while also facing intense competition from financial apps such as Revolut.
Bybit will also continue its tokenized stock partnership with xStocks, which is owned by Kraken.
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