According to a source familiar with the matter, 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 arrangements for Bybit to enter the US market, contrary to previous reports. Instead, Bybit is planning to establish a new entity in the US, led by former co-CEO Helen Liu, which will focus on compliance and licensing, while Bybit provides the necessary technology, products, and liquidity.
The collaboration between Coinbase and Bybit is centered on leveraging Bybit's global presence, particularly in Asia, to provide users with access to tokenized US stocks. The partnership aims to create synergies in custody and distribution, enabling the companies to bring US assets to a broader market. The source emphasized that the US is home to desirable assets for global users, and the partnership between Coinbase and Bybit can facilitate access to these assets.
The exploration of tokenized stocks by the two companies is part of a larger trend, with other market players also pursuing similar collaborations. Both Bybit and Coinbase declined to comment on the matter.