According to a source familiar with the plans, Coinbase, a leading cryptocurrency exchange, is partnering with Bybit, a prominent crypto trading platform, to explore opportunities for tokenizing, custoding, and distributing US public and pre-IPO stocks. The discussions, currently underway, do not involve any acquisition or investment, contrary to previous reports.
Bybit is indeed planning to enter the US market, but through a separate entity, reportedly 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. The goal is to bring US assets to a broader market, with the potential for tokenization to make any asset accessible globally within five years.
This development comes as other market players, such as Intercontinental Exchange and Deutsche Boerse, explore similar partnerships with crypto exchanges.