Robinhood Crypto Chief Johann Kerbrat Defends Tokenized Stock Model After OpenAI Dispute

Core Insights - Robinhood's tokenized stock program aims to provide broader access to private market investments, potentially reducing the wealth gap, despite facing criticism from entities like OpenAI [1][4][7] Tokenized Stock Program - In July, Robinhood launched "stock tokens" linked to companies such as OpenAI and SpaceX, allowing users to invest in private firms that are not publicly traded [3] - These products are structured as blockchain-tracked contracts rather than traditional equity, offering price exposure without shareholder rights [3] Criticism and Defense - The tokenized stock initiative received immediate backlash from OpenAI, which clarified it had no involvement in the offering [4] - Robinhood's management defended the program, arguing that tokenization could democratize access to investment opportunities, which are often limited to wealthy individuals [4][6] Wealth Gap Discussion - The company highlighted that current investment systems favor accredited investors, leaving retail investors at a disadvantage [5][6] - Kerbrat suggested that the criteria for accredited investors should shift from wealth-based thresholds to knowledge-based assessments, allowing more individuals to participate in investment opportunities [6] Growth in Crypto Sector - Robinhood's crypto offerings, including staking products, are rapidly expanding, positioning the company to attract a diverse demographic beyond just crypto enthusiasts [2][7]