According to a source familiar with the plans, Coinbase, a prominent cryptocurrency exchange, is engaged in discussions 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 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 necessary licensing and compliance. The partnership 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 collaboration aims to create synergies around custody and distribution of these assets. The person emphasized that the US is home to desirable assets for global users, and the partnership between Bybit and Coinbase can bring these assets to a broader market.
The exploration of tokenized stocks by the two companies comes as other market players are also forming similar partnerships, 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.