According to a source familiar with the matter, Coinbase, a prominent cryptocurrency exchange, is partnering with Bybit, a leading crypto trading platform, to explore opportunities for tokenizing, custoding, and distributing US public and pre-IPO stocks. The ongoing talks 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, which will focus on compliance and licensing.
The collaboration between Coinbase and Bybit aims to leverage the latter's global reach, particularly in Asia, to provide users with access to tokenized US stocks. The partnership seeks to capitalize on the growing demand for US assets worldwide, with the goal of making any asset accessible globally through a single app within the next five years. This development comes as other industry players, such as Intercontinental Exchange and Deutsche Boerse, also explore similar partnerships with crypto exchanges.