According to a source familiar with the plans, Coinbase, a prominent cryptocurrency exchange, is teaming up with Bybit, a leading crypto trading platform, to explore tokenization, custody, and distribution of assets such as US public and pre-IPO stocks. The ongoing discussions do not involve any acquisition or investment deals for Bybit to enter the US market, contrary to previous reports.
Instead, Bybit plans to establish a new entity in the US, led by former co-CEO Helen Liu, focusing on licensing, compliance, and tech provision. The collaboration between Bybit and Coinbase is focused on leveraging Bybit's global reach to provide users with access to tokenized US stocks.
The partnership aims to bring US assets to a broader market, with the goal of making any asset accessible globally through a single app within five years. This development comes as other market players explore similar partnerships, such as Intercontinental Exchange's investment in OKX and Deutsche Boerse's investment in Kraken.
Both Bybit and Coinbase declined to comment on the matter.