Coinbase, the largest cryptocurrency exchange in the U.S., is reportedly in discussions with Bybit, the world's second-largest offshore exchange, for an investment partnership. Bybit aims to leverage this collaboration to enter the U.S. regulated market, according to three sources familiar with the matter. Previously, ICE invested in offshore exchange OKX at a valuation of $25 billion, suggesting Bybit's valuation could be similar. Last year, Coinbase acquired Deribit for $2.9 billion.