Robinhood, Kraken, and Wall Street giants accelerate the tokenisation of real-world assets, ushering in a new era of blockchain-based investing amid praise and regulatory concerns.
Trading Platforms and Crypto Giants Eye the Future as Tokenisation Gains Momentum
NEW YORK — As cryptocurrencies become increasingly embedded in the global financial fabric, major players in the industry are intensifying efforts to transform real-world assets into digital tokens—a push that supporters believe could redefine how people invest and access wealth.
“Tokenisation is going to open the door to a massive trading revolution,” said Vlad Tenev, CEO of trading platform Robinhood, during a high-profile, James Bond-themed launch event in the south of France.
Tokenisation refers to using blockchain technology to create digital tokens that represent tangible assets such as stocks, real estate, or art. These tokens, proponents argue, can be traded like cryptocurrencies—instantly, globally, and with minimal barriers. The aim is to democratize access to investments traditionally reserved for the wealthy and institutional investors.
A New Investing Frontier
Crypto venture capitalist Katie Haun described tokenisation as a market-expanding shift akin to the rise of streaming platforms.
“You used to have to sit there on a Thursday night and watch Seinfeld,” she said. “You tune in at a specific time, you don’t get to choose your programme, you couldn’t be watching a programme like Squid Games from Korea. Netflix was market-expanding. In the same way, I think the tokenisation of real-world assets will be market expanding.”
Robinhood recently began offering tokenised stock trading for major US public companies to its European customers and even distributed tokens resembling shares in high-profile private firms like OpenAI and SpaceX. The move, however, drew immediate resistance from OpenAI, which publicly stated, “Any transfer of OpenAI equity requires our approval – we did not approve any transfer. Please be careful.”
Global Players Join the Race
Other platforms are quickly following suit. Crypto exchange Kraken now permits non-US users to trade tokenised stocks, while Coinbase has petitioned US regulators to allow similar offerings. Financial titans BlackRock and Franklin Templeton have already launched tokenised money market funds. Consultancy firm McKinsey estimates tokenised assets could surpass US$2 trillion by 2030.
The growing enthusiasm is set against a backdrop of soaring crypto valuations. Bitcoin climbed above $123,000 on Monday, and the broader crypto market has surged beyond $4 trillion in total value.
Regulatory Crossroads
Yet the momentum has revived long-standing concerns over investor protections. While the Trump administration has actively supported the crypto space, including the recent passage of a stablecoin law, regulators remain divided on how to approach tokenisation.
“Tokenisation is an innovation and we at the SEC should be focused on how do we advance innovation at the marketplace,” said US Securities and Exchange Commission Chairman Paul Atkins.
Still, SEC Commissioner Hester Peirce issued a cautionary note following Robinhood’s announcement, urging token issuers to respect federal disclosure requirements. “As powerful as blockchain technology is, it does not have magical abilities to transform the nature of the underlying asset,” she said.
Legal scholars warn that unregulated tokenisation of private company shares could reopen historical risks. “Where we’re headed is where we were in the 1920s,” said Hilary Allen, a professor at the American University Washington College of Law. “Door-to-door salesmen offering stocks and bonds, half of it had nothing behind it, people losing their life savings betting on stuff they didn’t understand.”
Democratising or Disrupting?
One of the strongest arguments for tokenisation is its potential to level the playing field. Many startups today avoid going public, raising large sums instead from institutional investors. Critics argue this locks out ordinary investors from significant wealth-generation opportunities.
“These are massive wealth generators for a very small group of rich, well-connected insiders who get access to these deals early,” said Johann Kerbrat, a Robinhood executive. “Crypto has the power to solve this inequality.”
Still, questions about legality and investor risk remain front and center. Tokenisation may well revolutionize investing—but only if the safeguards evolve with the technology.
