“Can a crypto derivatives exchange become a full embedded-finance platform — card, pay, lending, B2B infrastructure — across every jurisdiction that will have it?”
Bybit launched in 2018 as a China-based crypto derivatives exchange, then followed the regulatory wind — Singapore in 2021, Dubai in 2022 — to become the world's second-largest crypto exchange by volume. In parallel it has steadily built an embedded-finance stack around the exchange: a multi-region card program (Pomelo in LATAM, additional partners across APAC and EEA), crypto loans, a Bybit Pay merchant layer, and a B2B infrastructure arm selling custody/fiat ramps/liquidity to institutions. The 2025 $1.5B hack is now the defining recent event shaping its security and compliance narrative.
Bybit processes payments through Bybit Pay (self-operated).
Bybit's cards are issued through Pomelo.
Bybit's lending and capital products are provided by Bybit Crypto Loans (in-house) and Bybit Premier Loans (in-house).
The Embedded Finance Index 2026 maps 3 layers in Bybit's stack: Payments / PSP (Bybit Pay (self-operated)); Card issuing (Pomelo); Lending (Bybit Crypto Loans (in-house) and Bybit Premier Loans (in-house)).
Bybit was founded by Ben Zhou and is founded in 2018, headquartered in Dubai, United Arab Emirates.
Get a read on where your own stack stands against Bybit and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.