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 talks, which are ongoing, do not involve a stake acquisition or a similar deal for Bybit to enter the US, contrary to previous reports. Instead, Bybit plans to enter the US market through a separate entity, led by former co-CEO Helen Liu, with a local partner providing licensing and compliance.
The collaboration between Bybit and Coinbase is focused on leveraging Bybit's global reach to provide users with access to tokenized US stocks, particularly in regions like Asia. The goal is to bring US assets to a broader market, with the potential for tokenization to make any asset accessible globally through a single app within the next five years. This development comes as other market players explore similar partnerships, such as Intercontinental Exchange's investment in OKX and Deutsche Boerse's investment in Kraken.
Both Bybit and Coinbase declined to comment on the matter.