According to a source familiar with the plans, cryptocurrency exchange Coinbase is partnering with Bybit, a leading crypto trading platform, to explore the tokenization, custody, and distribution of US public and pre-IPO stocks. The talks, currently in progress, do not involve any acquisition or investment deal for Bybit to enter the US market, as previously reported. Instead, Bybit is planning to launch a new entity in the US, led by former co-CEO Helen Liu, which will focus on providing licensing and compliance, while Bybit provides the necessary technology, products, and liquidity.
The discussions between Bybit and Coinbase are focused on leveraging Bybit's global reach, particularly in Asia, to provide users with access to tokenized US stocks. The partnership aims to bring US assets to a wider global market, with the goal of making any asset accessible to users worldwide through a single app within the next five years. This collaboration is part of a larger trend, with other market participants, such as Intercontinental Exchange and Deutsche Boerse, also exploring similar partnerships with crypto exchanges.