According to a source familiar with the plans, Coinbase, a major cryptocurrency exchange, is partnering with Bybit, a leading crypto trading platform, to explore opportunities for tokenizing, custoding, and distributing US public and pre-IPO stocks. The ongoing talks do not involve any stake acquisition or similar deal for Bybit to enter the US market, as previously reported. Instead, Bybit is planning to enter the US through a separate entity, reportedly led by former co-CEO Helen Liu, with a local partner providing licensing and compliance, while Bybit provides the technology, product, and liquidity. The discussions between Bybit and Coinbase are focused on leveraging Bybit's global reach, particularly in Asia, to provide users with access to tokenized US stocks.
The partnership aims to bring US assets to a broader market, with the person noting that within five years, tokenization will enable global users to access any asset through a single app. The collaboration between the two companies comes as other market players explore similar partnerships, such as Intercontinental Exchange's stake in OKX and Deutsche Boerse's investment in Kraken. Both Bybit and Coinbase declined to comment on the matter.