The American financial services company Robinhood has announced the launch of its new cryptocurrency products in Europe, including tokenized shares of OpenAI and SpaceX.
Introduction of Tokenized Shares
Robinhood announced its new crypto and blockchain products at an event in Cannes, France. The company offered tokenized versions of OpenAI and SpaceX stocks to its users. As part of the program, new users who signed up to purchase equity tokens by July 7 received tokens worth €5.
OpenAI's Response
OpenAI expressed its disapproval, stating: "These 'OpenAI tokens' are not OpenAI stock. We are not affiliated with Robinhood, were not involved in this process, and do not endorse this product." The company also remarked that any transfer of its shares can only occur with its consent.
Robinhood's Expansion in Europe
Robinhood, according to its Crypto General Manager Johann Kerbrat, aims to expand access for individual investors. "With tokenization, we want everyone to be able to participate in this economy," he added. However, the tokens are not available to US users due to regulatory restrictions.
The conflict between the efforts of cryptocurrency platforms to democratize access to financial products and the desire of companies to maintain control over their assets continues to be relevant in the context of initiatives like Robinhood's.
