According to a source familiar with the plans, Coinbase, a major 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 a 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, led by former co-CEO Helen Liu, which will focus on licensing, compliance, and technology. The partnership between Bybit and Coinbase is focused on leveraging Bybit's global reach, particularly in Asia, to provide users with access to tokenized US stocks.
The companies are exploring synergies around custody and distribution, aiming to bring US assets to a broader market. This collaboration is part of a larger trend, with other market participants, such as Intercontinental Exchange and Deutsche Boerse, also exploring similar partnerships with crypto exchanges.