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 talks, currently in progress, do not involve any acquisition or investment, as previously reported. 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 collaboration between Coinbase and Bybit is focused on leveraging Bybit's global reach to provide users with access to tokenized US stocks. The partnership aims to bring US assets to a broader market, with the goal of making any asset accessible to global users through a single app within the next five years. The development comes as other market players, such as Intercontinental Exchange and Deutsche Boerse, explore similar partnerships with crypto exchanges.