According to a source familiar with the matter, Coinbase, a prominent cryptocurrency exchange, is engaged in discussions with Bybit, a leading crypto trading platform, to explore opportunities for tokenizing, custoding, and distributing assets such as US public and pre-IPO stocks. The talks, currently ongoing, do not involve any stake acquisition or similar deal for Bybit to enter the US market, as previously reported. Instead, Bybit is planning to establish a presence in 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, particularly in regions like Asia, where users may be interested in accessing tokenized versions of US stocks.
The companies are exploring synergies in custody and distribution, aiming to bring US assets to a broader market. The person emphasized that the US is home to desirable assets for global users, and the collaboration between Bybit and Coinbase can facilitate access to these assets worldwide. The move is part of a larger trend, with other market players exploring 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.