Coinbase and Bybit Collaborate on Tokenization and Distribution of US Stocks

According to a source familiar with the matter, 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, as previously reported. 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 Coinbase and Bybit is focused on leveraging Bybit's global reach, particularly in Asia, to provide users with access to tokenized US stocks. The partnership aims to bridge the gap between US assets and global users, with the goal of making any asset accessible worldwide through a single app within five years. This development comes as other market players, such as Intercontinental Exchange and Deutsche Boerse, also explore similar partnerships with crypto exchanges.