According to a source familiar with the plans, Coinbase, a prominent cryptocurrency exchange, is engaged in discussions with Bybit, a leading crypto trading platform, to explore opportunities for tokenizing, custodying, and distributing US public and pre-IPO stocks. The ongoing talks do not involve a stake acquisition or any similar arrangement for Bybit to enter the US market, as previously reported.
Instead, Bybit is planning to establish a presence in the US through a separate entity, reportedly led by former co-CEO Helen Liu, with a local partner providing licensing and compliance support. The collaboration between Coinbase and Bybit is focused on leveraging Bybit's global reach, particularly in regions like Asia, where users are interested in accessing tokenized US stocks. The two companies are investigating potential synergies in custody and distribution, aiming to bring US assets to a broader market. This development comes as other market players are exploring similar partnerships, such as Intercontinental Exchange's investment in OKX and Deutsche Boerse's strategic investment in Kraken.
Both Bybit and Coinbase have declined to comment on the matter.