Singapore, Singapore, October 29, 2026 — Chainwire

LBank, a leading global cryptocurrency exchange, has announced the launch of its Pre-IPO market, with subscriptions for its inaugural Kalshi-linked offering opening on October 29. The new market is designed to give eligible users access to economic exposure linked to selected private companies ahead of potential public listings, with subscription, asset holding, and eligible trading available through a single LBank account. The launch extends the exchange's offerings beyond conventional crypto markets into tokenized private-market opportunities.

The Pre-IPO market is intended to simplify participation by bringing the subscription and asset-holding process into LBank's existing platform, removing the need for users to open a separate securities brokerage account — a requirement that has generally kept private-market exposure outside standard crypto account infrastructure. Through tokenization, eligible users can gain economic exposure linked to a company's potential future public-market performance, subject to the terms of the relevant offering. LBank plans to build on this model by introducing additional opportunities as the market develops.

For the inaugural Kalshi-linked offering, users can choose between two tokenized assets with different pricing and liquidity arrangements. cKLSH is priced at 28 USDT and is subject to a six-month lock-up following Kalshi's IPO, while xKLSH is priced at 39 USDT and is intended to be available for spot trading on LBank once distribution and trading commence. The two options allow eligible users to weigh a longer lock-up structure against an option designed for earlier trading access.

The offering carries a total subscription quota of 500,000 USDT, with a minimum subscription of 10 USDT and a maximum of 5,000 USDT per user. The subscription window is scheduled to run from October 29 through November 2, 2026. Allocation will combine base allocation with proportional allocation, subject to eligibility requirements and the final allocation rules. Token distribution is scheduled to begin on November 2 at 09:00 UTC, with xKLSH spot trading also scheduled to commence at that time, subject to the final product schedule and applicable rules. For readers tracking the rollout, the near-term milestones are the close of the subscription window and the November 2 distribution, when xKLSH is due to make its spot-market debut.

According to the issuer, the Kalshi-linked tokens are backed 1:1 by underlying Kalshi shares held through a special purpose vehicle (SPV). This structure is intended to link the tokens' economic exposure to the underlying shares; however, holding the tokens does not itself confer direct ownership rights in Kalshi — a distinction that separates tokenized economic exposure from being a direct shareholder. Participation remains subject to the relevant product terms and eligibility restrictions. LBank said the market combines a low subscription threshold with multiple participation options and an allocation mechanism intended to broaden access among eligible users.

Kalshi operates a U.S. exchange for event contracts covering topics such as economics, politics, sports, and other real-world events. In May 2026, the company announced a $1 billion financing round at a $22 billion valuation, with investors including Coatue, Sequoia Capital, a16z, Paradigm, Morgan Stanley, and ARK Invest. The offering therefore reaches eligible users while Kalshi remains a private company, with cKLSH's six-month lock-up period tied to the timing of a Kalshi IPO. The Kalshi-linked tokenized assets are issued by Paimon, which provides the structure through which eligible LBank users can obtain economic exposure linked to Kalshi ahead of a potential IPO.

"LBank's Pre-IPO market is designed to give crypto-native users a more direct way to participate in selected private-market opportunities," said Eric He, Community Angel Officer and Risk Control Adviser at LBank. "Starting with Kalshi, we are bringing together tokenized assets, flexible participation options, and a streamlined user journey. Our focus is on making these opportunities easier to access while ensuring that the product structure and applicable terms remain clear to users."

Looking ahead, LBank plans to continue expanding its Pre-IPO market with additional tokenized opportunities that connect eligible users with high-growth private companies through a more accessible, crypto-native experience.

About LBank

Founded in 2015, LBank is a global cryptocurrency exchange serving over 30 million registered users in 160 countries and regions. According to the company, it records a daily trading volume exceeding $23.81 billion and has operated for 11 years with zero security incidents, and it is dedicated to providing a comprehensive and user-friendly trading experience. Through its trading solutions, the platform says it has enabled users to achieve average returns of over 130% on newly listed assets.

LBank has listed over 300 mainstream coins and more than 50 high-potential projects. The company states that it ranks No. 1 in the 100x Gems, Highest Gains, and Meme Share categories, and points to fast altcoin listings, liquidity, and industry-first trading guarantees as core features of its platform for crypto investors worldwide.

The announcement first appeared on Chainwire.