Kraken to launch stock token service for US IPOs

Payward, the parent company of Kraken, is set to launch a stock token service allowing retail investors worldwide to subscribe to U.S. initial public offerings (IPOs) at the same price as institutional investors, The Block reported. Payward announced that the new financial product, built on its proprietary xStocks asset token framework, will officially launch within the coming weeks. Under the new system, once the final share allocation is confirmed on the listing day, the physical shares will be deposited on a one-to-one basis with a regulated custodian. Stock tokens backed by these shares will then be issued and immediately distributed to investors' Kraken accounts.