According to a source familiar with the plans, Coinbase, a major cryptocurrency exchange, is partnering with Bybit, a prominent crypto trading platform, to explore opportunities for tokenizing, custoding, and distributing assets such as US public and pre-IPO stocks. The ongoing talks do not involve Bybit acquiring a stake in Coinbase or a similar deal to enter the US market, as previously reported. Instead, Bybit is planning to enter the US market through a separate entity, led by former co-CEO Helen Liu, which will focus on licensing, compliance, and technology. The collaboration between Coinbase and Bybit is 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 goal of making any asset accessible to users worldwide through a single app within the next five years. This development comes as other market players are also exploring 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.