According to a source familiar with the plans, Coinbase, a leading cryptocurrency exchange, is exploring ways to collaborate with Bybit, a prominent crypto trading platform, to tokenize, custody, and distribute US public and pre-IPO stocks. The discussions, which are ongoing, do not involve any acquisition or investment, contrary to previous reports. Instead, Bybit is planning 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 partnership 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 companies are discussing synergies around custody and distribution, aiming to bring US assets to a broader market. This collaboration is part of a larger trend, with other market participants exploring similar partnerships, such as Intercontinental Exchange's investment in OKX and Deutsche Boerse's investment in Kraken.