According to sources, Coinbase, a prominent cryptocurrency exchange, is engaging in discussions with Bybit, a leading crypto trading platform, to explore potential collaborations on tokenizing, custoding, and distributing US public and pre-IPO stocks. These talks, currently in progress, do not involve any acquisition or investment deals, contrary to previous reports. Instead, Bybit is planning to enter the US market 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, particularly in Asia, to provide users with access to tokenized US stocks.
The companies are exploring synergies in custody and distribution, aiming to bring US assets to a broader market. This collaboration is part of a larger trend, with other market players also exploring similar partnerships, such as Intercontinental Exchange's stake in OKX and Deutsche Boerse's investment in Kraken.
Both Bybit and Coinbase declined to comment on the matter.