According to a source familiar with the plans, Coinbase, a prominent 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, as previously reported. Instead, Bybit plans to establish a new entity in the US, led by former co-CEO Helen Liu, with a local partner providing licensing and compliance, while Bybit provides the technology, product, and liquidity.
The collaboration between Bybit and Coinbase is focused on leveraging Bybit's global reach, particularly in Asia, to provide users with access to tokenized US stocks. The companies are exploring synergies around custody and distribution of these assets.
The goal is to bring US assets to a wider global market, with the potential for tokenization to make any asset accessible to users worldwide through a single app within the next five years. Other market participants, such as Intercontinental Exchange and Deutsche Boerse, are also exploring similar partnerships with crypto exchanges.