Kraken and Payward's xStocks platform have launched SpaceX's tokenized equity product, SPCXx, opening registration of interest to eligible users in over 110 regions. This arrangement extends the IPO allocation access, which was originally primarily aimed at institutional and high-net-worth clients, to a wider range of retail users.
Registration of interest will begin on June 5th.
According to the platform, users can submit non-binding subscription intentions through the Kraken mobile app and specify their acceptable price range. If they are allocated tokens on the official launch day of SpaceX, the corresponding SPCXx tokens will be directly issued to their Kraken account.
Currently, support covers more than 110 regions, including the European Economic Area. The article states that specific eligibility criteria are managed by the Kraken platform.
Tokens correspond to actual shareholding
xStocks states that SPCXx is a tokenized representation of SpaceX equity, with each token backed 1:1 by actual shares held in custody by a regulatory body. In other words, holders are not dealing with a simple, price-pegged synthetic product, but rather tokenized equity backed by corresponding underlying assets.
This custody structure is one of the key differences between this product and typical crypto derivatives or purely price-speculative tokens. The platform emphasizes that the asset backing and custody arrangements are executed by a compliant entity.
Supports 24/7 trading
Unlike traditional brokerages that are typically only open during trading hours, SPCXx plans to offer 24/7 trading on Kraken and other platforms participating in the xStocks Alliance. The article states that this means users can react to breaking news over the weekend or after the market closes, without having to wait until the next trading day.
In addition to continuous trading, SPCXx also supports on-chain transfers and can be integrated with compatible DeFi applications. This makes it not only a staking tool, but also gives it the potential to further integrate into the on-chain ecosystem.
xStocks plans to further expand its IPO product offerings.
Payward co-CEO Arjun Sethi stated that SpaceX is just the first project under this framework, and more IPO access products will be launched in the coming weeks. According to him, xStocks aims to make the IPO subscription, holding, and trading process a more open, on-chain product.
From a product design perspective, this type of tokenized equity is extending crypto infrastructure to the connection between primary and secondary markets. If more companies join in, the application of tokenized securities in cross-regional distribution and continuous trading may continue to expand.
