[Digital Today reporter Chi-gyu Hwang (황치규)] Crypto exchange Bybit will launch a subscription service for tokenised shares tied to a SpaceX IPO, Cointelegraph reported on June 8.
Bybit will use the xStocks framework from Payward, the parent company of Kraken, the report said. xStocks aggregates investor demand from partner platforms, works with SpaceX’s underwriter syndicate to secure IPO allocations and then tokenises them. The tokenised shares are linked one-to-one with real shares held by a broker-dealer under regulatory oversight.
Eligible users can register interest and apply for subscriptions through Bybit. Allocations are made on a pro-rata basis, and if demand exceeds supply, any unallocated amount will be refunded. SpaceX tokenised shares are set to start trading on Bybit’s spot market on June 12.
Earlier, Coinbase also launched a service that allows users outside the United States to trade derivatives linked to SpaceX’s corporate value before its official listing.
Chi-gyu Hwang
delight@d-today.co.kr