Bybit Launches 'Super App' in Europe with Regulated Derivatives and Stocks

Bybit, one of the world's largest cryptocurrency exchanges by trading volume, is launching a 'super app' in Europe that will offer a range of financial services, including regulated derivatives and tokenized stocks.

The Dubai-based firm has been granted an electronic money institution (EMI) license by the Austrian Financial Market Authority (FMA), allowing it to offer functions similar to a regular bank account. Bybit already holds a Markets in Crypto Assets (MiCA) license in Austria, giving it access to the entire European Union.

Founder and CEO Ben Zhou said that with these three licenses, Bybit will become like Revolut, offering a range of financial services, but with a focus on crypto trading. The EMI license is sufficient for most of what Bybit wants to bring with its all-in-one app, as it can offer regulated derivatives and tokenized stocks.

Zhou noted that getting multiple licenses in the EU can be costly and competitive, but the super app will allow Bybit to present a compliant and comprehensive range of services. Revolut, which has over 80 million customers worldwide, holds a full banking license in the EU and UK.