According to a person familiar with the plans, Coinbase, a leading cryptocurrency exchange, is partnering with Bybit, a prominent crypto trading platform, to explore tokenization, custody, and distribution of assets including US public and pre-IPO stocks. The ongoing talks do not involve any stake acquisition or a similar deal for Bybit to enter the US, as previously reported. Instead, Bybit is planning to enter the US market through a separate entity, reportedly led by former co-CEO Helen Liu, with a local partner providing licensing and compliance, while Bybit contributes technology, products, and liquidity.
The discussions between Bybit and Coinbase focus on leveraging Bybit's global reach, particularly in Asia, to provide users with access to tokenized US stocks. The collaboration 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.
Other market participants, such as Intercontinental Exchange and Deutsche Boerse, are also exploring similar partnerships with crypto exchanges. Both Bybit and Coinbase declined to comment on the matter.