The global crypto exchage landscape is undergoing rapid restructuring. Three sources confirmed to Wu Blockchain Blockchain that Coinbase, the largest compliant exchange in the US, is in talks with Bybit, the world's second-largest offshore exchange. Bybit hopes to gain access to the compliant US market through this partnership. Bybit declined to comment on this information.
Sources indicate that Bybit's current valuation is likely similar to OKX's. Earlier, the New York Stock Exchange's parent company, Intercontinental Exchange (ICE), invested in OKX at a valuation of $25 billion, becoming one of the most notable investments by traditional financial institutions in the crypto industry recently.
If Coinbase's talks are true, Bybit's valuation should not be underestimated.
Coinbase's strategic moves: from Deribit to Bybit
This isn't Coinbase's first move. Last year, Coinbase acquired Deribit, the world's largest cryptocurrency options exchange, for $2.9 billion, a move seen by the industry as a key step in Coinbase's transformation from a pure spot exchange to a comprehensive financial infrastructure provider. Now, reports of talks to acquire a stake in Bybit are interpreted as Coinbase systematically absorbing market share and user base from leading global offshore exchanges.
Founded in 2018 by Ben Zhou and headquartered in Dubai, Bybit specializes in derivatives trading and ranks second in global offshore trading volume. For Bybit, compliance has always been the biggest hurdle to entering the US market, and its partnership with Coinbase is expected to provide readily available regulatory resources and brand endorsement.
If Bybit can complete its status change through Coinbase's investment, it will significantly reduce the compliance costs and time required for entering the US market.
Star (Star Xu), the founder of competitor OKX, publicly responded to this news on X, saying, "If true, it's a good thing for the industry, with higher standards and less regulatory arbitrage." This positive statement shows that the industry believes such integration will help improve the overall market's compliance standards.
Details of the negotiations have not yet been made public, and the authenticity of the training session still needs official confirmation. Bybit has not issued any announcement on this matter, and we will continue to track subsequent developments.
Related reports
Coinbase acquires Deribit options exchange for $2.9 billion (hundreds of billions of NT dollars).
Coinbase's 2025 Cart: A Strategic Transformation from Exchange to Financial Operating System
Bybit Research Report: Regulatory Favorability Helps Coinbase Outperform the Market
