According to a source familiar with the plans, Coinbase, a prominent cryptocurrency exchange, is teaming up with Bybit, a leading 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 deal for Bybit to enter the US, as previously reported.
Instead, Bybit is planning to establish a presence in the US through a separate entity, led by former co-CEO Helen Liu, which will partner with a local firm to provide licensing and compliance. Bybit will contribute its technology, products, and liquidity.
The collaboration between Coinbase and Bybit is focused on leveraging Bybit's global reach, particularly in regions like Asia, where users may be interested in accessing tokenized US stocks. The companies are discussing potential synergies in custody and distribution of these assets. The goal is to bring US assets to a broader market, with the person noting that tokenization will enable global access to any asset through a single app within five years. Other market players, 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.