According to a source familiar with the matter, Coinbase, a prominent cryptocurrency exchange, is partnering with Bybit, a leading crypto trading platform, to investigate ways to tokenize, store, and distribute assets such as US public and pre-IPO stocks. The 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, led by former co-CEO Helen Liu, which will focus on licensing, compliance, and technology. The collaboration between Coinbase and Bybit aims to leverage their combined global reach, particularly in regions like Asia, where users are interested in accessing tokenized US stocks. The partnership seeks to explore synergies in custody and distribution, enabling the firms to bring US assets to a broader market.
The person noted that the US is home to desirable assets, and by working together, Coinbase and Bybit can make these assets more accessible globally. The companies' exploration of tokenized stocks comes amid similar initiatives by other market players, 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.