According to a source familiar with the plans, Coinbase, a leading cryptocurrency exchange, is engaging in discussions with Bybit, a prominent 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 arrangement 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 support.
The collaboration between Bybit and Coinbase is focused on leveraging Bybit's global reach, particularly in regions like Asia, where users may be interested in accessing tokenized US stocks. The partnership aims to capitalize on synergies in custody and distribution, enabling the firms to bring US assets to a broader global market.
As the person noted, the US is home to desirable assets that global users want, and the partnership between Bybit and Coinbase can facilitate access to these assets. The exploration of tokenized stocks by the two companies comes amidst similar initiatives by other market players, such as Intercontinental Exchange's investment in OKX and Deutsche Boerse's strategic investment in Kraken. Both Bybit and Coinbase declined to comment on the matter.