Author: Frank, PANews
As RWA accelerates its evolution from an industry narrative into a trillion-dollar arena where Wall Street giants like BlackRock and JPMorgan are vying for position, a deeper question arises: Beyond traditional assets like bonds and funds, can the top Pre-IPO company equities that truly define the technological direction of the next decade also be "tokenized" and made accessible to a broader range of investors?
Jarsy is making this a reality. Founded by core members from Facebook, Uber, and Square, and supported by top venture capital firms like Breyer Capital, the platform is focused on opening up high-quality, unlisted equities from companies like SpaceX, xAI, and Stripe to global investors.
Recently, PANews engaged in an in-depth conversation with Jarsy founder Han Qin to explore how this company, backed by top venture capital firms like Breyer Capital and Karman VC, is finding its irreplaceable ecological niche in a field surrounded by giants, and how it is ushering in a new era of value capture for global investors.
Han Qin believes that the potential of tokenizing the stock market far exceeds that of traditional cryptocurrencies; its essence is to bring trillions of dollars of real equity value to global investors. In this vast opportunity, Jarsy's positioning is not to compete with giants but to serve as a bridge connecting institutions and the new generation of investors. He emphasizes that the tokenized market is not a "subset" of crypto; blockchain technology is the only path to achieving massive growth in the Pre-IPO market, and Jarsy's ultimate goal is to enable every qualified investor to own "the first truly future-oriented Pre-IPO equity."
Jarsy aims to be the "first stop" for ordinary investors to access high-quality long-term assets. When they want to invest in projects like OpenAI or SpaceX, they will no longer have to "just read the news" or "wait for an IPO," but can participate using on-chain identities, compliant quotas, and real credentials. We hope users will not just hold tokens but will truly have the opportunity to grow alongside the most valuable companies of this era.
Enabling Ordinary Investors to Comply with Participation in the Primary Market
PANews: Recently, we have seen Jarsy and the entire tokenization sector attract significant market attention. Can you share the latest business developments and the current trading scale?
Han Qin: Over the past few months, Jarsy has made substantial progress across several key dimensions.
In terms of business scale, our platform has facilitated millions of dollars in Pre-IPO Token investment transactions, covering some of the most sought-after primary market assets globally, including SpaceX, xAI, Anthropic, and Stripe. We are closely collaborating with multiple funds and top VCs and plan to launch more unicorn targets in the next quarter.
Regarding compliance architecture, we have built a trading framework based on existing regulations to ensure that both U.S. and global investors can participate within a clear and compliant legal system. We are working closely with leading law firms like Wilson Sonsini and Paul Hastings to ensure that every Token reflects real, clear economic rights, rather than merely being a "concept coin."
On the team front, our headquarters is located in Silicon Valley, with core members coming from top tech companies like Facebook, Uber, and Square, as well as investment experts from Wall Street, Silicon Valley, and Singapore. We are also honored to have the support of strategic investors like Breyer Capital and Karman VC, who have deep experience in cross-border finance and tech investments, continuously empowering us in product structure, regulatory layout, and globalization strategies.
PANews: Traditional financial giants like JPMorgan and BlackRock are accelerating their entry into the market. Do you see this wave of "institutionalization" as an opportunity for collaboration or a challenge for innovators like Jarsy? How does Jarsy find its irreplaceable ecological niche in this trend?
Han Qin: We believe that the so-called "institutionalization wave" is essentially a signal: Tokenization is moving from narrative to a real reconstruction at the infrastructure level. The entry of JPMorgan and BlackRock does not signify a challenge but indicates that this market is beginning to possess genuine systemic value. For Jarsy, this represents a tremendous opportunity for collaboration.
The reason lies in the fact that large institutions often focus on infrastructure and serving high-net-worth clients, and they cannot respond to secondary market product demands as quickly as we can. Jarsy's advantage is that we are born compliant and grow on-chain, allowing us to structure and tokenize high-quality Pre-IPO assets with extreme product efficiency and transparency, and quickly complete matching and settlement through on-chain channels.
Moreover, we do not position ourselves as "replacing institutions," but rather as a bridge connecting institutions and Web3 investors. We have good cooperative relationships with multiple funds, brokerages, and trust institutions, and some institutional investors are even willing to use Jarsy for tokenized management of their Pre-IPO investment portfolios.
Therefore, we welcome the arrival of JPMorgan and BlackRock and look forward to more combinations of "traditional financial giants + Jarsy" in the future.
PANews: So far, what is Jarsy's proudest case? Could you explain this case to help readers understand?
Han Qin: One of our proudest cases is helping investors seize the Pre-IPO investment opportunity in xAI.
xAI was personally founded by Elon Musk, aiming to create a general artificial intelligence platform on par with OpenAI. It collaborates deeply with Tesla and X, and has received investments from top funds like a16z and Sequoia, being viewed by the market as the next IPO project at the level of OpenAI. However, such opportunities are almost exclusively available to top funds and a few strategic investors in the traditional primary market, making it difficult for ordinary investors to access.
In this context, Jarsy has built a legitimate rights structure based on Reg D and Reg S by collaborating with original investors and secondary share transferors, enabling qualified investors to participate in xAI's Pre-IPO equity in a compliant manner through our platform in the form of Tokens.
The xAI project is particularly strategically valuable; it not only validates Jarsy's ability to capture trends in the primary market but also demonstrates our execution efficiency in quickly completing due diligence, structural design, Token construction, and on-chain issuance for high-sensitivity projects.
PANews: Looking ahead to the next 1-2 years, considering the macro variables of U.S. policy, what changes do you anticipate in U.S. tokenization regulatory policies? How does Jarsy's current compliance framework design respond to these potential opportunities and risks?
Han Qin: We believe that in the next 1-2 years, the regulatory environment for tokenization in the U.S. is likely to see three major directional changes:
First, policies will become clearer. With the advancement of relevant legislation, crypto assets will be categorized into different regulatory categories, and the division of responsibilities between the SEC and CFTC will become clearer, allowing the industry to gradually move out of the "gray area."
Second, compliant participation channels will gradually open. We expect the SEC to allow more combinations of compliant paths based on Reg D, Reg S, and on-chain issuance, where compliance and liquidity will no longer be at odds.
Third, anti-money laundering and identity compliance will receive more attention. On-chain identity and KYC/AML mechanisms will become the "entry ticket" to participate in the tokenized asset market, which will raise the industry's entry threshold but also enhance institutional confidence in participation.
In response to these changes, Jarsy's compliance architecture has always adopted a "proactive compliance + modular response" strategy. All transactions are based on SEC Reg D and Reg S frameworks, and we have long-term collaborations with top law firms to complete legal structure design and legitimacy verification before product launch. We always position ourselves as participants and promoters of regulatory construction, believing that the companies that truly possess the ability to transcend cycles in the future will not be "regulatory arbitrageurs," but rather bridge platforms that help regulators understand technology and help the market understand regulation.
Enabling Long-Term Investors to Invest in Real Assets
PANews: What does the profile of Jarsy's core customers look like? Compared to traditional investors, what are the biggest differences in their investment philosophy, risk preferences, and product experience?
Han Qin: Jarsy's core customers are a group of "new generation global investors" with the following characteristics: aged between 25 and 40, mostly from high cognitive density industries like technology and finance; distributed across major financial and tech hub cities globally, with a strong willingness for cross-border asset allocation; they are high-income crypto investors, early employees of startups, or professionals in VC/PE.
The differences between this group of users and traditional high-net-worth individuals, family offices, or brokerage clients can be summarized in three dimensions:
Investment philosophy is more proactive and less intermediated.
Risk preference is not blindly aggressive but is characterized by "concentrated bets after understanding."
The demand for product experience and liquidity is far higher than that of traditional investors.
PANews: How does Jarsy meet these new demands in product design?
Han Qin: To meet the needs of these users, Jarsy has made many specialized designs in its products: structurally, we insist that every Token is built on real asset rights, ensuring "what you see is what you invest in"; interactively, we support native Web3 operations while also providing convenient Web2 entry for non-crypto users; in terms of risk warnings, we provide a full set of due diligence reports, structural diagrams, and exit path analyses to help users "understand, judge quickly."
PANews: In actual operations, is there any user's experience that has left a deep impression on you?
Han Qin: One of our early users is an engineer engaged in AI algorithm research in Silicon Valley. He has long been interested in SpaceX but had never had the opportunity to participate as an individual investor.
Last year, he learned about Jarsy through a friend. When we launched the SpaceX Pre-IPO Token project, he completed the compliance certification immediately and conducted almost "researcher-level" due diligence. He said he was willing to bet on Musk's long-term vision, but the premise was: "I need to know that what I'm investing in is real."
When he saw the structural diagrams we provided, the sources of original equity holders, the logic of exit paths, and the legal framework, he felt truly reassured. He ultimately invested $10,000 in USDC and stated that this was "the first time in his life he could participate in top-tier assets in the primary market as an individual," and the entire experience "felt like using Robinhood, not filling out SEC forms."
This story left a profound impression on us. He represents a whole new generation of investors—high cognitive ability, high liquidity preference, and high transparency requirements—and this is precisely the significance of Jarsy's existence.
PANews: Compared to platforms like Robinhood that deal with pre-IPO equity and tokenization, what are Jarsy's core advantages?
Han Qin: The entry of platforms like Robinhood is a strong endorsement of the Pre-IPO equity and tokenization trend, which is positive for the entire industry. However, compared to Robinhood, Jarsy's positioning and core advantages are very clear and distinct:
From the very beginning, we are "born on-chain," with a leading compliant and transparent structure. Every Token on Jarsy is designed based on SEC Reg D / Reg S structures and is directly linked to on-chain contracts, possessing complete composability and liquidity potential.
A more focused asset side with higher quality. Jarsy concentrates on a small number of high-quality Pre-IPO assets, such as SpaceX and xAI, with each project undergoing in-depth due diligence and structural design.
Designed for global qualified investors, not just serving U.S. retail investors. Jarsy's compliance structure has been global from day one, supported by multilingual, cross-currency, and on-chain identity systems.
A more flexible and in-depth team background and technical product capability. Our team comes from Facebook, Uber, Square, and top funds, enabling us to complete high-quality project due diligence, structuring, tokenization, and on-chain delivery within weeks.
In summary, Robinhood serves as a popular entry point for primary market education, while Jarsy is more like the next-generation private asset infrastructure built for global investors in the digital age.
PANews: A common criticism is, "This can also be achieved with a centralized database." Can you elaborate from a longer-term perspective on why blockchain is a necessary technology for achieving "financial inclusivity" and building "next-generation financial infrastructure," rather than just a better option?
Han Qin: This is a very good question. From a short-term perspective, a centralized database "can also achieve tokenization." But we must ask: Are we satisfied with replicating the old system, or do we want to truly reconstruct the future of finance?
Traditional systems have three fundamental problems that they can never solve:
Lack of global verifiability of assets: In centralized systems, users can only "trust the platform." On-chain Tokens are programmatically generated, auditable, and traceable, shifting the source of trust from "trusting institutions" to "verifying structures."
Lack of liquidity infrastructure: Centralized tokens struggle to circulate across different platforms; on-chain assets can be freely combined and migrated within the entire open ecosystem in the future.
Lack of a combination mechanism of "identity layer + compliance layer": Compliance modules in Web3 can be embedded in protocols, forming an automatic regulatory mechanism of "code is law," which is the foundation for the free flow of cross-border assets in the future.
This is not a question of "blockchain vs. database"; it is: "Do you want an app, or a layer of asset protocols that can connect the world?" This is why Jarsy has been fully chain-deployed from day one. We believe that blockchain is not a "better technical choice"; it is the only path to achieving long-term goals.
The Tokenized Market is Not a Subset of Crypto
PANews: From your perspective, how do you compare the future potential of the tokenized stock market with that of the traditional cryptocurrency market? How large do you think the future Pre-IPO market will be?
Han Qin: We believe that in the long run, the potential of the tokenized stock market will far exceed that of the traditional cryptocurrency market.
The traditional cryptocurrency market is primarily composed of native protocol assets and application tokens. The tokenized stock market, in essence, is about moving real value assets worth tens of trillions of dollars globally, such as equity, debt, and fund shares, onto the blockchain.
Specifically, regarding the Pre-IPO equity tokenization that Jarsy focuses on, we see a highly quality but illiquid market: the total size of the global primary market asset pool exceeds $10 trillion, with the Pre-IPO stage assets conservatively estimated at $3-4 trillion; however, today, almost all of these assets circulate only among a few institutions. If even a small portion of these assets is structured as on-chain assets, it would already represent a trillion-dollar market.
Therefore, we believe that the Pre-IPO market is the starting point of this evolution—it possesses both early high growth potential and a clear exit path, making it the first type of high-quality asset that is naturally suited for tokenization. Jarsy's vision is to transform this multi-trillion-dollar "closed market" into an open, transparent, and liquid new financial system.
PANews: Currently, the platform focuses on high-growth technology company Pre-IPO equity. Will you consider expanding asset classes to other areas in the future, such as real estate, art, or earlier-stage venture capital (VC) shares?
Han Qin: Our current strategic focus is very clear: to concentrate on the tokenization of Pre-IPO equity from high-growth technology companies. There are three reasons for this: it is the type of asset that is most naturally suited for tokenization; the exit paths are clear; and the regulatory environment is relatively friendly.
Of course, from a longer-term perspective, we are also continuously monitoring the tokenization possibilities of other potential asset types, including venture capital shares (VC LP interest), commercial real estate or infrastructure, and intellectual property assets.
Overall, we are not a platform that wants to "do everything," but rather one that clearly starts from Pre-IPO and gradually builds a standard system to support the on-chain transformation of high-quality private assets. If a certain type of asset meets the four criteria of "real rights + compliant structure + clear pricing + liquidity potential," we will seriously consider it.
PANews: Setting aside specific business, what kind of platform do you hope Jarsy will become in five years? What role will it play in the asset allocation of ordinary investors?
Han Qin: In five years, we hope Jarsy will not just be a trading platform but will become the digital financial infrastructure for the global private investment market.
In the asset allocation of ordinary investors, Jarsy hopes to be their "first stop" for accessing high-quality long-term assets. When they want to invest in projects like OpenAI or SpaceX, they will no longer have to "just read the news" or "wait for an IPO," but can participate using on-chain identities, compliant quotas, and real credentials. We want users to not just hold tokens but to truly have the opportunity to grow alongside the most valuable companies of this era.
We believe that in the future, assets should not be divided into "institution-exclusive" and "publicly accessible," but should be open to every discerning individual based on compliance and capability.
If Robinhood allows more people to own their first stock, we hope Jarsy can enable people to own their first truly future-oriented Pre-IPO equity.
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