Crypto derivatives platform ByBit is expanding into the wealth management business.

The firm, which launched in 2018, announced Tuesday the launch of ByBit Wealth Management. The firm described the new offering as a "comprehensive service that enables all Bybit users to manage, plan and invest crypto with no fees."

To start, the firm is offering so-called fund pools which will provide users with a 4.5% APR on deposited USDT. In an FAQ describing the new business line, ByBit said that all funds are kept within its platform, whilst being managed by "trusted third parties."

"Assets allocated to the Fund Pool product are distributed and managed by trusted third parties that have undergone a rigorous selection process," the firm said. "All strategies executed by these third parties undergo …