At the end of June, Robinhood CEO Vlad Tenev stood in front of a reflective pool with a view of the Mediterranean with a striped cream suit that made it look like a Krypto -Bro version of Jay Gatsby. Tenev spoke with a dizzying amount of Cannes in a briefcase. He pulled out a metal cylinder. “I am currently keeping the keys to the first stock tokens for Openai in my hands,” announced Tenev. “I want to transfer these tokens to them,” he told the seating spectators who politely wagged paper fans to survive the summer heat.
Tenev’s Gambit was the highest introduction of an increasingly tedious product in the world of crypto and fintech: tokenized stocks that are traditional stocks in a blockchain packaging. Proponents argue that the tokenization of publicly traded stocks such as Apple And TeslaInvestors can be easier to act and access assets, including outside the US Spaceexwhich are usually only available through venture funds or seconds in the world of the world in the world.
Openaai did not take the announcement easily and published it a few days later on X that Robinhoods Openai -token is not an Openai’s own capital. “We didn’t get together with Robinhood, were not involved and do not support it” wrote. “Please be careful.” Tenev approved The Openai token from Robinhood are not “technically” equity, but added that they still enter retail investors to private assets. (If you want a more thorough explanation to how it actually works, you can Contact the kingMatt Levine.)
While Robinhood’s conspicuous announcement was more marketing than anything else, the product is still limited to the European Union, you can expect to soon be flooded with a discourse on tokenized shares, which has been permeating the crypto industry for several years. Until recently, all serious forays were in the room on blockchain companies such as octopuses and limited Coin baseBut Robinhood was an intersection of the rubicon. Finally, do not forget that Robinhood has contributed to bringing his chic competitors to commission -free trade for retail customers. Paul Atkins, chairman of the securities and stock exchange commission, gave one interview On the same day as Openais Post, who said that “tokenization is an innovation” and crypto -friendly Commissioner Hester Peirce released A letter in the past week called tokenized securities “adorable, but not magical”.
As red loop startups such as Openaai, SpaceX and Strip Stay privately, companies from Robinhood to Wrought I tried to create new vehicles with which retail customers can access it, from private markets to tokenized stocks. While these companies will advertise innovations such as “democratization”, they are also associated with the same risks with private companies – namely lack of disclosure and surveillance. At a hearing last week about the proposed crypto legislation, Senator Elizabeth Warren (D-Mass.) Argued that the tokenized shares would help companies avoid the SEC regulations, although Peirce later gave an explanation These market participants must comply with the federal securities laws.
The future of stock trading is just around the corner. But if even Openai tells you that you are careful, you may want to read the small print.
Leo Schwartz
X: @Lomshwartz
E-mail: leo.schwartz@fortune.com
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Venture deals
– – NuclidiumPresent A Basic biotechnology company in Switzerland in Switzerland set up the financing of Series B in Series B. Kurma Growth Resources FundPresent Angelini VenturesPresent Wellington PartnersAnd Neva SGR (Intesa Sanpaolo Group) led the round and was accompanied by Deeptech & Climate Fund (DTCF)Present Bavaria capital, and other.
– – AI enginePresent An autonomous vehicle company based in Berlin collected seed financing of $ 20 million. Segenia Capital And Ecapital led the round.
– – Decorative groupA risk capital company based in Palo Alto and a platform collected $ 14 million in seed financing. Draper AssociatesPresent Javelin Venture PartnersAnd Geek Ventures led the round.
– – HeliosAn AI-native tech startup for specialists in public politics collected $ 4 million in funds. Unusual undertakings led the round and were accompanied by Founder, Inc., Alumni companiesand other.
Private equity
– – Mühle Point Capital acquired SS8 networksA platform for the Intelligence and Monitoring Center in Silicon Valley. Financial conditions have not been announced.
– – Emperorsupported by Stone point capitalacquired Peerlink MedicalA company based in Los Angeles for Peer Review Services. Financial conditions have not been announced.
Other
– – Flutter entertainment agreed to acquire a 5% share Fanduel groupA sports betting operator based in New York, from Boyd Gaming Corporation For 1.755 billion US dollars.
– – Quanterix acquired The countryPresent One in Marlborough, mass. Local Spatial Biology Company, for $ 20 million in cash.
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