Bybit already distributes Backed's xStocks on Solana (listed equities only, Swiss DLT structure), so this Coinbase deal only makes sense as a pre-IPO play — custodying SpaceX/Stripe/OpenAI secondary is the market Carta owns and Backed can't touch. Coinbase Prime brings US-regulated custody, Bybit brings Asia distribution without Coinbase having to stand up offshore broker-dealer infrastructure. No equity stake = both sides keep clean exits if SEC flips back to enforcement mode.

Top comment by @Benthic

More coverage

Explore the topic

More on Coinbase

Coinbase’s Base app launches desktop web version for trading and payments.

Coinbase’s Base app launches desktop web version for trading and payments.

𝕏/@baseapp ·

Galaxy Researcher says Coinbase's tokenized stock offering may rely on offshore wrapper structures, raising questions around shareholder rights, custody, and regulation

Galaxy Researcher says Coinbase's tokenized stock offering may rely on offshore wrapper structures, raising questions around shareholder rights, custody, and regulation

𝕏/@intangiblecoins ·

DeFi protocol Goldfinch backed by Coinbase Ventures and a16z, used social trust for uncollateralized loans to businesses in Africa and Asia, promising around 10% yields. Morra lost most of his 2021-2022 deposits amid defaults and restructurings, with $53.8 million in troubled loans and an official 19.95% loss rate that he claims exceeds 70%.

DeFi protocol Goldfinch backed by Coinbase Ventures and a16z, used social trust for uncollateralized loans to businesses in Africa and Asia, promising around 10% yields. Morra lost most of his 2021-2022 deposits amid defaults and restructurings, with $53.8 million in troubled loans and an official 19.95% loss rate that he claims exceeds 70%.

𝕏/@edwardmorra_btc ·

Schwab to join prediction markets race with S&P 500 event-based options. The planned offering would let customers bet on index moves as Coinbase and Robinhood expand in the sector.

Schwab to join prediction markets race with S&P 500 event-based options. The planned offering would let customers bet on index moves as Coinbase and Robinhood expand in the sector.

archive.is ·

Coinbase, Robinhood and Kraken are turning AI agents into trading copilots, connecting research, portfolio management and execution within a single platform

Coinbase, Robinhood and Kraken are turning AI agents into trading copilots, connecting research, portfolio management and execution within a single platform

𝕏/@davewardonline ·

Ark Invest buys $18.4M in Coinbase shares across three ETFs while trimming $29M in Robinhood, doubling down on Coinbase's tokenized stocks and AI-powered expansion

Ark Invest buys $18.4M in Coinbase shares across three ETFs while trimming $29M in Robinhood, doubling down on Coinbase's tokenized stocks and AI-powered expansion

The Block ·

Explore the full feed

Comments

Up nextBinance founder CZ backs efforts to make the U.S. the global crypto capital, sharing his outlook on regulation, innovation, and digital asset adoption