According to a source familiar with the plans, cryptocurrency exchange Coinbase is partnering with Bybit, a major crypto trading platform, to explore opportunities for tokenizing, custoding, and distributing assets such as 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 enter the US through a separate entity, reportedly led by former co-CEO Helen Liu, which will focus on licensing, compliance, and technology. The discussions between Bybit and Coinbase are centered around global synergies, particularly in regions like Asia, where users are interested in accessing tokenized US stocks. The partnership aims to bring US assets to a broader market, leveraging Bybit's international reach and Coinbase's US focus. The companies' exploration of tokenized stocks comes amid similar collaborations between other market players, 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.