According to a source familiar with the plans, Coinbase, a major cryptocurrency exchange, is partnering with Bybit, a leading crypto trading platform, to explore tokenization, custody, and distribution of assets such as US public and pre-IPO stocks. The ongoing talks do not involve any sort of stake acquisition or similar deal for Bybit to enter the US, as previously reported.
Instead, Bybit is planning to enter the US market through a separate entity, which will be headed by former Bybit co-CEO Helen Liu, with a local partner providing 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 around custody and distribution of these assets, with the goal of bringing US assets to a wider market.
This collaboration is part of a larger trend, with other market participants 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.