Bybit, the world’s second-largest crypto exchange by trading volume, has joined the tokenization race to capture the highly-anticipated public listing of SpaceX later this week with its new Bybit IPO Express service.

The Dubai-based exchange is the second crypto exchange to offer tokenized initial public offerings (IPO) following Kraken. Its parent company Payward said it would soon allow its Kraken customers and xStocks alliance members to participate in U.S.-listed IPOs through tokenized shares.

Binance, Bitget and Gate previously offered pre-IPO markets in the form of derivatives. That means investors are not actually buying the actual shares.price. Instead, they are betting on a prediction market or trading IOUs based on what they…