According to a source familiar with the plans, Coinbase, a prominent cryptocurrency exchange, is partnering with Bybit, a leading crypto trading platform, to explore tokenization, custody, and distribution of US public and pre-IPO stocks. The discussions, currently in progress, do not involve any stake acquisition or similar deal for Bybit to enter the US market, as previously reported. Instead, Bybit is planning to enter the US 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 collaboration between Coinbase and Bybit is focused on a global scale, leveraging Bybit's international reach, particularly in Asia, where users may be interested in accessing tokenized US stocks.
The firms are investigating synergies around custody and distribution of these assets. The goal is to bring US assets to a broader market, with the person stating that within five years, tokenization will make any asset accessible to global users 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.