Kraken Expands Services with Tokenized Stock Platform for Major IPOs

Cryptocurrency exchange Kraken is expanding its services by offering investment opportunities for major public offerings through tokenized shares. The platform xStocks will allow users to invest in companies like SpaceX through digital tokens backed one-for-one by the company's shares.

The service is currently available to investors in over 110 countries and territories, excluding the US, Canada, the UK, and Australia due to regulatory restrictions. Users can apply for the offering through the Kraken mobile app after completing identity verification and will receive SPCXx tokens, which can be traded 24 hours a day on Kraken and participating platforms.

The largest public offering in history is SpaceX's target of $75 billion at a valuation of at least $1.8 trillion. This deal would surpass Saudi Aramco's $29.4 billion IPO in 2019 if completed.