Tokenization poised to revolutionize access to private markets, likened to ETF boom of the 1990s
Tokenized real-world assets (RWAs) could redefine modern investing just as exchange-traded funds (ETFs) did three decades ago, according to CoinFund president Christopher Perkins.
In an interview with Cointelegraph, Perkins said blockchain-based tokens can democratize access to traditionally exclusive asset classes by offering 24/7 global trading and reducing information asymmetry. “I believe tokens are the new ETFs,” he stated, drawing a direct parallel to how ETFs opened public markets to retail investors in 1993.
Citing BlackRock data, Perkins noted that about 81% of U.S. companies with over $100 million in revenue remain private, locking ordinary investors out of the most innovative parts of the economy. “Essentially, that leaves normal people very little access to the most exciting companies,” he said.
The appeal of RWAs goes beyond access. Tokenization enables fractional ownership, improves capital velocity, creates novel collateral for DeFi applications, and could modernize the capital formation process. Still, Perkins acknowledged the asset class is in its infancy and navigating a complex regulatory landscape.
The push for tokenized equities is already underway. Robinhood recently launched tokenized stock trading in Europe, including “private equity” tokens for firms like OpenAI and SpaceX. While the tokens don’t confer ownership or voting rights, they offer price exposure — a step toward making private markets more accessible.
OpenAI swiftly distanced itself from the tokens, emphasizing they were unauthorized, but the momentum behind RWA tokenization continues. Robinhood CEO Vlad Tenev said several private companies are eager to list on tokenized platforms.
As traditional public markets shrink and access to private capital becomes increasingly restricted, tokenized RWAs may offer a critical alternative — one that Perkins argues could reshape how retail investors engage with global finance.
