Crypto exchange Coinbase (COIN) is working with Bybit, one of the largest crypto trading platforms, to explore ways to tokenize, custody and distribute assets such as U.S. public and pre-IPO stocks, a person familiar with the plans told CoinDesk.

The talks, which are ongoing, do not involve any sort of stake acquisition or similar deal for Bybit to enter the U.S., said the person, who asked to remain anonymous because they are directly involved in the discussions, dismissing a report