According to a source familiar with the plans, 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, contrary to previous reports. Instead, Bybit is planning to enter the US market through a separate entity, led by former co-CEO Helen Liu, which will focus on licensing, compliance, and technology. The collaboration between Coinbase and Bybit is centered on leveraging Bybit's global reach to provide users with access to tokenized US stocks, particularly in regions like Asia.
The partnership aims to create a seamless experience for global users to access US assets, with the goal of making any asset accessible through a single app within the next five years. This development comes as other market players, such as Intercontinental Exchange and Deutsche Boerse, are also exploring similar partnerships with crypto exchanges.