Written by: Colin Wu
This interview features Colin Wu interviewing former Facebook/Uber executive Qin Han, who has founded a startup called Jarsy. Jarsy is an innovative platform dedicated to tokenizing Pre-IPO equity, aiming to promote the tokenization of private company shares in a Web2.5 model, lowering traditional investment barriers, and allowing retail investors to participate in investment opportunities in popular Pre-IPO projects like SpaceX and Redwood Materials.
Recently, Jarsy completed a $5 million seed round financing, led by renowned venture capital firm Breyer Capital, which had previously invested early in Facebook and Circle. The round also received angel support from Karman Ventures (a fund established by Silicon Valley giants including Uber founder Travis Kalanick) and leaders in the crypto and tech sectors such as the CEOs of Anchorage and Mysten Labs.
In the interview, Qin Han shared insights into his entrepreneurial motivations, product logic, compliance strategies, and the similarities and differences with Robinhood's xStocks model. He emphasized that Jarsy issues economic rights tokens based on legally held company equity and chooses a gradual, collaborative approach with regulators rather than circumventing the SEC. He also mentioned the current trend of integration between DeFi and TradFi in the Web3 space, as well as the potential for Jarsy to connect with centralized platforms or exchanges in the future.
The interview also discussed the market education role of Robinhood's xStocks model and potential future directions for contracts and derivatives. Qin Han believes that within the next 5–10 years, tokenized assets will enter households and reconstruct the underlying logic of the entire financial system.
For the complete audio, please search for "Wu Says" on mainstream audio platforms like Xiaoyuzhou. This article does not constitute any investment advice, and the author's views do not represent Wu Says. Readers are advised to strictly comply with the laws and regulations of their location.
Qin Han's Self-Introduction: Experience at Tsinghua, Facebook, Uber, Afterpay
Colin: Hello everyone, in this episode, we have invited Qin Han to join our podcast. He has recently founded a startup focusing on the tokenization of Pre-IPO shares, which has been a hot topic in recent months. We have known each other for quite a while, and I specifically asked him to share the latest developments in this field. So, Qin Han, could you please introduce your background?
Qin Han: Sure, thank you. I’m glad to be here at Wu Says Blockchain to discuss the topic of tokenization, including some of our practices and insights. Let me introduce myself; my name is Qin Han, just like the Qin and Han dynasties. I graduated from Tsinghua University with a degree in computer science. Later, I came to the United States for further studies, pursuing a PhD in computer science with a focus on machine learning, which is now widely known as artificial intelligence (AI).
I spent five years in the U.S. for my PhD and then joined Facebook. In 2010, I had the privilege of working with Mark Zuckerberg, participating in the Graph Search project, as Facebook's data structure is based on a graph database. At that time, my desk was only two positions away from Mark, and I was really lucky to have the opportunity to learn and work alongside him.
In 2014, I joined Uber, where I also had the fortune to work with CEO and co-founder Travis Kalanick (whom we all call TK). I was involved in Uber's business in China, starting from scratch to the merger with Didi, which was valued at $8 billion at the time. Working with the best teams in Silicon Valley while serving the Chinese market was a very valuable experience.
In 2018, I joined Afterpay, a company that does "Buy Now Pay Later." Some of you may have heard of this company. I collaborated with CEO and co-founder Nick Molnar for four years there. Eventually, Afterpay was acquired by Square (now renamed Block) for a valuation of $30 billion.
I learned a lot from these three very successful entrepreneurs. They made me understand what true innovation is, how to define a new product category, and how to create something that can change the world and serve the public. They often shared a viewpoint: always pay attention to what young people are thinking and what their pain points are. So when we started our own venture, we asked young people around the world: what are the most troubling, unhappy, and difficult issues you face in life or work?
The result, whether from young people in China, the U.S., or Europe, was that many said the same thing: we have the internet, we follow Elon Musk every day, dreaming of one day immigrating to Mars, and we get excited every time we see SpaceX launch a rocket. But— we cannot be a part of it. In other words, while we want to invest in these companies, they are not yet public, and we do not have enough money to participate. Traditional private investment often requires hundreds of thousands of dollars, while we might only have a few thousand or tens of thousands. So, is there a way for ordinary people to get involved? This question really puzzled us.
So our team decided: since so many people have this confusion, we will solve it.
On the other hand, blockchain technology itself is a very natural and logical infrastructure for us. Therefore, we combined the technical characteristics of blockchain with the real pain points of users to establish our current company, Jarsy. Our goal is to make it easier for more people to access Pre-IPO investment opportunities and even achieve global accessibility and liquidity of assets. This is my personal background and the original intention and positioning of our company.
The Launch Journey of Jarsy and How It Attracted Investments from Breyer Capital and Karman Ventures
Colin: When did your company start?
Qin Han: We initially started with user interviews around 2023. We talked to many potential users about this idea to understand their real needs. Later, we found that almost everyone mentioned SpaceX; everyone was paying attention to this matter. So we really began investing in research and development in early 2024, and by July 2024, we officially launched our product.
We have actually been operating for more than a year and are very fortunate to have the support of global users. Our product is continuously expanding, with the first project being SpaceX. After that, users kept asking, since you can help us invest in SpaceX, can you also provide AI-related projects or fintech-related Pre-IPO assets? So we gradually added more private companies, continuously enriching our product line to help users participate in these opportunities.
Colin: How many people are on your team now? And how many users do you have?
Qin Han: Our team is still relatively small, especially in Silicon Valley, where AI applications are very popular. Our company operates in a streamlined manner. We have fewer than 10 people on our team, but we are distributed globally, in places like Silicon Valley, Australia, and Singapore, making it a relatively international team.
We currently have a few thousand users. We haven't done large-scale marketing; instead, we focus on those who genuinely have investment needs and serve them. We prefer to refine the product first, build a truly high-quality platform, and gradually scale up as the overall trend progresses.
Colin: I see you recently completed some financing; could you share more about that?
Qin Han: We are very fortunate to have received investment support from Breyer Capital and Karman Ventures, along with participation from some industry entrepreneurs and CEOs of large companies. We raised a total of $5 million in this seed round.
Most of the funding comes from Breyer Capital, which is also a major investor in Circle (the company behind the stablecoin USDC). They were the lead investors in Circle's Series B financing. Additionally, Jim Breyer, the founder of Breyer Capital, was one of the lead investors in Facebook's Series A and has collaborated with IDG and Accel in China, having invested early in companies like Baidu and Tencent. We are truly grateful to have Breyer's support.
As for Karman Ventures, the people behind it are actually led by Uber co-founder Travis Kalanick. We feel very lucky to be able to collaborate with Karman Ventures as well.
Why Define as Web2.5 Instead of a Typical Web3 Company?
Colin: I noticed that your round of financing resembles a "family and friends round," with many investors possibly being past collaborators or friends. There's also a related question: I noticed you seem not to have taken money from Asian or traditional crypto VCs. Is it because your financing round was conducted in equity rather than tokens? So perhaps crypto VCs are not as interested?
Qin Han: From the very beginning of establishing this company, we set a few principles for ourselves. We came to solve problems, discovering market demand and then acting on it, rather than slapping a Web3 or crypto label on it first. We believe that blockchain is an excellent infrastructure that can serve as the underlying architecture of the financial system, gradually replacing the existing financial service system.
From this perspective, we see ourselves more as a Web2.5 company, existing between traditional internet (Web2) and blockchain-native (Web3) forms. We often say it’s DeFi meeting TradFi (traditional finance), and many practitioners in both DeFi and TradFi are now converging towards the middle.
So we have positioned ourselves as a Web2.5 enterprise from the start. We are a company focused on equity financing rather than issuing tokens. While we do not rule out the possibility of a Token Generation Event (TGE) in the future, that is not our goal. We are more focused on refining the product, improving the business, and truly solving user problems.
The Underlying Logic of Stock Tokenization and the Jarsy Model: Economic Rights Tokens Instead of Shareholder Identity
Colin: Let's discuss your business model in detail. I actually have a question because in the crypto space, people often encounter something called a "SAFT Token"—which is a token issued in advance before a project launches its token, somewhat similar to Pre-IPO stocks. But the problem is, in the crypto space, if you want to transfer such a token, you usually need to obtain permission from the foundation to operate.
In the context of stocks, for example, with SpaceX, if the company itself does not recognize such transactions, would there be issues with the buying or transferring of your tokens? Because I understand that your shares should be obtained from early investors, right? I remember that Robinhood was also questioned by some institutions for similar issues before. How do you understand and resolve this problem?
Qin Han: Regarding tokenization, there are indeed many different interpretations within the industry. However, we believe that the true advantage of blockchain does not lie in simply "copying" traditional stocks onto the chain.
One line of thought is that the tokens on the chain are the equity itself. But we think this approach is overly idealistic and does not truly leverage the core characteristics of blockchain. The method we currently adopt is somewhat similar to Robinhood's approach: the actual stocks are substantively held by our company, and users do not directly own this portion of the stock or equity; instead, they participate through a token we issue, which represents economic rights rather than ownership or voting rights.
The benefit of this approach is that, as you mentioned, if a company issues a certain stock or early token, the transfer usually requires company approval, and the related processes and friction costs are very high.
But in our model, for example, if our company holds a portion of SpaceX's stock, from SpaceX's perspective, these stocks are always held by our company. The transfer and trading of tokens among users do not involve SpaceX itself or its equity structure, so their approval is not needed. This entire rights system is built and maintained by our platform.
To put it another way, it's like USDC and Circle: when we give Circle one dollar, they give us 1 USDC, and then when we exchange USDC back, they give us one dollar again. But we do not actually hold the treasury bonds or money market funds that Circle invested in. Although Circle has invested our money into those assets, we have no legal relationship with those assets themselves; we only enjoy the "redeemable value" represented by USDC.
We operate under the same logic: for example, when SpaceX goes public, its stock corresponds to a specific market price. When users want to redeem the tokens they hold, we do not give them SpaceX stock but rather the corresponding market value, paid out to users in the form of stablecoins. This is the operational logic of our system.
Colin: This model is somewhat similar to a "cross-chain bridge" in the crypto space: I first hold an asset and then issue a mapped token on the chain. It's somewhat like how Tether operates its stablecoin in the U.S.
Compliance Strategy and Changing Attitudes of the SEC: Supporting Regulation D as a Starting Point for Gradual Public Participation
Colin: Although I know you are not currently providing services to U.S. institutional users, platforms like Coinbase seem to be trying to apply for exemptions from the SEC. What do you think about whether such models can gain official recognition in the U.S.? In the future, which tokenization path do you think the SEC will be more supportive of?
Qin Han: The question you raised is very important. Regulation is indeed a topic we must study in depth, especially as we see that the SEC's attitude is more open compared to the Gary Gensler era. Particularly in the blockchain field, they have shown more interest and inclusivity.
Recently, the U.S. also passed legislation regarding stablecoins and is discussing other potential new laws. The SEC has also publicly stated that they are very interested in asset tokenization. Of course, even though their attitude has become more open, they remain very cautious, preferring to collaborate with major companies in the industry to gradually explore and advance relevant policy formulation.
My observation is that this will definitely be a gradual process; there will not be a situation where everything becomes completely legal or fully supported overnight. Regulation itself needs time to observe the market, understand the technology, and maintain interaction with the industry. Although the current environment is much better than before, it will still take time to gradually advance, which includes the joint efforts of the market, users, and policymakers.
From our perspective, we also consider: if we were in the SEC's position, how would we regulate? We hope to promote a tokenized future where everyone can freely participate in markets similar to stock trading.
Of course, this is just an ideal vision. Returning to reality, under the current U.S. policy environment, we believe the most pragmatic path is to start with exemptions under Regulation D. First, allow accredited investors to participate, as they possess certain investment experience and asset levels, which can help us initially establish the market.
Once the market matures, we can consider whether to expand to a broader user base. For example, like stocks and ETFs, following the exemption under Regulation A, although it has higher disclosure and compliance requirements, it also means it can be opened to the public.
Large institutions like Coinbase and Circle may have more aggressive goals, directly targeting Regulation A. We, on the other hand, are taking a middle path, hoping to steadily move toward that goal step by step.
Comment on Robinhood's xStocks Model: Its DeFi Route and Exploration of Non-U.S. Strategies
Colin: The next question is about the recently popular xStocks. Their model is actually quite different from yours; they have actively integrated into DeFi, issuing tokens that can be freely traded on the chain immediately, which aligns more with the spirit of Web3. Therefore, we see many DeFi platforms, including centralized exchanges, quickly integrating their tokens. What do you think of this model? You have not yet integrated into DeFi and are still primarily a centralized, controllable product. Will you develop in this direction in the future?
Qin Han: There are indeed multiple routes to explore in the direction of asset tokenization. Although the ultimate goal may be the same, there can be different choices along the path.
Currently, we are choosing the "U.S. route," which means serving U.S. customers and maintaining direct, ongoing communication and cooperation with U.S. regulatory agencies. This is our current strategy.
Another route is the "non-U.S. market" path, which means not serving U.S. users, thereby temporarily avoiding direct confrontation with the SEC. For example, xStocks clearly stated at the time of issuance that they do not target U.S. users. Although subsequent integration into DeFi platforms may bring uncontrollable user issues, at least they clearly set their positioning outside the U.S. market from the beginning.
I think this is a "export path" worth trying. This path can accumulate practical experience over time and even create positive pressure on the SEC to encourage them to understand and accept this innovative model. Ultimately, whether pushing out from the U.S. route or pulling back from the non-U.S. route, there may be a point where balance with regulation is achieved.
Considering a Non-U.S. Market Route? Jarsy Prefers a Gradual Compliance Strategy
Colin: Will you also consider a similar non-U.S. market strategy in the future? Or is there no related plan in the short term?
Qin Han: We have great respect for teams like xStocks and Robinhood that are exploring different routes. Robinhood has also made similar attempts in Europe. We believe that as a member of the Web3 industry, everyone who believes in the value of blockchain should promote the development of this field from different angles.
Although the paths are different and the difficulties vary, we see that, for example, Binance has taken a non-U.S. path, while Coinbase has followed a U.S. compliance path; ultimately, trading of mainstream assets like Bitcoin, Ethereum, and Solana has been realized. Similarly, Tether (USDT) has taken a non-U.S. path, while Circle (USDC) insists on the U.S. path, and both have jointly promoted the substantial realization of stablecoin legislation.
Therefore, we hope to work together with Robinhood, xStocks, and all industry players who recognize the concept of asset tokenization, whether companies or individuals, to form a "joint force" to explore the possibility of cooperation with U.S. regulators. Because ultimately, the real beneficiaries are every investor around the world.
Current Total Trading Volume Reaches Millions of Dollars, Focusing on Product Refinement and Market Timing
Colin: You have been operating for about a year now; what is the trading volume like?
Qin Han: Yes, we are currently following a compliance route. In the U.S., we only accept accredited investors, while in non-U.S. regions, we follow Regulation S (S exemption), so we can provide services to a broader user base.
In addition to regulatory compliance, we also find that "market education" is a challenge. Over the past year, many investors, when first hearing about asset tokenization, would ask, "What is this? Why tokenize?" However, recently, with Robinhood launching xStocks and rapidly advancing, we have noticed that the market's understanding and acceptance of tokenization have significantly accelerated, and user growth has also increased.
So, over the past year, we have been more focused on validating the product model and improving the product itself. Although the total trading volume is not particularly large, currently at the level of "several million dollars," we believe that at this stage, it is more important to refine the product and prepare for the upcoming market explosion. We judge that the next 5 to 10 years will be a critical period for asset tokenization to truly enter the mainstream market.
Colin: OK, so your total trading volume has reached the million-dollar level, right?
Qin Han: Yes, we have reached that level.
KYC and Compliance Strategy: Users from Non-Sanctioned Regions Can Participate Through Certification
Colin: How strict are you with KYC (Know Your Customer)? For example, aside from users from sanctioned regions, can basically everyone else register and participate?
Qin Han: Yes, we position ourselves as a Web2.5 financial service company, so we naturally need to comply with U.S. KYC and AML (Anti-Money Laundering) regulations.
As for the sanctions issue you mentioned, we strictly adhere to the U.S. OFAC (Office of Foreign Assets Control) sanctions list. For example, certain countries are prohibited service targets, and we certainly will not open services to them. Our company is registered in the U.S., so we follow the "U.S. domestic route" like Coinbase and Circle, and we are strictly aligned in terms of compliance.
However, for countries or regions not on the sanctions list, as long as users pass the KYC and AML processes, we will accept them. Currently, our services are mainly aimed at individual users.
Colin: So you are currently only accepting individual users and not institutions?
Qin Han: We hope to serve institutional users in the long term, but in the short term, we are more focused on the needs of retail investors. Because this product is designed based on the pain point of "ordinary investors not being able to participate in high-quality investment opportunities," we are currently focused on serving individuals.
Investment Amount Limits and Pre-Sale Model: Raise Funds First, Then Purchase Target Assets
Colin: Is there an investment limit for each user? Or is the total investment cap determined by the overall holdings on your platform?
Qin Han: Your question is very good. Let's start from the legal perspective: some companies choose Regulation C for asset tokenization, which is the crowdfunding exemption. In that model, the total financing amount is capped at $5 million, which is not a restriction on individual investors but rather a limit on the overall project amount.
However, we are following Regulation D (D exemption), which requires investors to be Accredited Investors, so theoretically, we do not have a cap on the total financing amount.
The core of your question is actually: if a user's investment amount exceeds the quantity of target assets currently held by our platform, how should we handle it? This is indeed a practical issue. We currently use two methods to address this:
The first method is that our company first purchases a portion of the assets, such as SpaceX stock, and then users subscribe from us.
The second method is that we adopt a Pre-Sale mechanism. Users first subscribe to a token called "SpaceX Pre-Sale Token," which represents their future subscription intention. Once we complete fundraising and gather the necessary funds, we will purchase the corresponding SpaceX stock in the market, and then exchange the Pre-Sale Token for the official SpaceX Token.
Therefore, we are not entirely limited by the existing asset scale on the platform but operate flexibly based on the availability in the entire market (especially the secondary market).
Colin: I understand, so if you receive a large demand, you can temporarily apply for or procure more assets to meet that demand, right?
Qin Han: Yes. We have actually observed that the Pre-IPO private placement market has developed relatively maturely, especially in the secondary market. However, these markets usually have high thresholds and are often only open to large investors or institutions.
We have also established good relationships with many quality companies and institutions. When we have demand, we can communicate with them to see if they have shares available for sale, or we can purchase through them from other channels. Sometimes, they are willing to sell part of their holdings to us to gain liquidity.
So we believe that the foundation of this market is healthy and mature. For institutions or large investors, asset availability is not an issue; it is more about the price—"there are no goods that cannot be bought, only prices that cannot be met."
Our platform's users are mainly retail investors, many of whom were previously unable to participate in such investments due to threshold restrictions. Through our platform, although the prices are relatively higher, it lowers the barriers and provides more participation opportunities. Moreover, when user demand is strong enough, we will definitely be able to find corresponding target assets to match supply and demand.
Review of Achievements in the Past Year: Expanding from SpaceX to More Pre-IPO Targets and Migrating to the Base Chain
Colin: I would like to further understand what important work you have completed in the past year. What will your product and market direction focus on in the next six months to a year?
Qin Han: Since last year, we have gradually expanded from a single product—SpaceX—to more Pre-IPO targets. Some projects were even proposed by users; for example, someone recommended Redwood Materials. Initially, we were not familiar with it, but after in-depth research, we found that it is indeed a very high-quality Pre-IPO company in the materials industry, so we listed it on the platform. This way, more users can participate in these opportunities through our platform, Jarsy.
This is one of the most gratifying parts for us: we have seen a "bottom-up" demand-driven process—what users need, we strive to provide.
On the technical side, we have also completed the migration from Arbitrum to the Base chain. Base is a next-generation blockchain supported by Coinbase, and the recent technical upgrades have made it one of the fastest public chains. With Coinbase's backing as a publicly listed company, we believe Base is currently one of the most trustworthy and secure chains, making it the most suitable choice for users.
Additionally, we have launched a new feature called Name Your Price, which is essentially similar to limit orders in the open market. Even if certain companies have not yet gone public, if users wish to exit a certain asset, such as SpaceX tokens, they can set their own selling price to see if other users are willing to take the order, achieving earlier liquidity.
After launching this feature, we found that user feedback was very positive because each user has different needs and liquidity arrangements, and this mechanism provides them with flexible options.
Next, we have several key directions:
Lowering the usage threshold: Currently, the platform is web-based, and we plan to launch an iOS app to allow users to easily participate using their phones.
Expanding quality targets: Especially with the recent AI boom, we are located in Silicon Valley and know many excellent AI startups that are also willing to connect with more users through our platform.
Enhancing product experience: Further refining product details to make it easier for users to understand the logic of tokenization and how to participate.
In summary, we are very much looking forward to finding better connections between Pre-IPO investments and the AI wave to serve more users.
Exploring the Possibility of Cooperation with Centralized Exchanges and Timing Considerations
Colin: If you only sell on your own platform, will you encounter some bottlenecks in user acquisition? Have you considered integrating with other platforms in the future, such as centralized exchanges (CEX)?
Qin Han: We have observed that the current trend is that centralized (CEX) and decentralized (DeFi) platforms are converging towards the middle. Centralized exchanges envy the technology, open liquidity, and user activity of DeFi, while DeFi platforms are beginning to realize that the lack of KYC and compliance policy support will limit their development.
We believe that more integration will emerge in the future: DeFi platforms may gradually introduce KYC and AML, while CEX may adopt DeFi technology and even jointly support certain tokenized assets. At that time, we will have more opportunities to connect with more platforms.
Currently, we are not immediately integrating with DeFi platforms, mainly because our current model requires strict KYC/AML, while most DeFi platforms do not have these mechanisms. At the same time, some DeFi platform operators are also concerned that once we launch such assets, they may be required by regulatory agencies to complete compliance processes, so they are also in a wait-and-see stage.
Colin: Actually, my previous question was not about DeFi but about centralized platforms, such as Binance, Coinbase, etc. These platforms already have established KYC processes, so wouldn't it be easier for you to integrate with them?
Qin Han: We welcome such cooperation and have indeed communicated with several centralized exchanges. However, they are generally taking a wait-and-see attitude. The key issue is not KYC but that the regulatory framework has not yet been clarified.
For example, Coinbase has stated that all tokens on their platform are classified as commodities and are not related to the SEC. If they were to launch tokenized assets like ours, it could involve securities attributes and thus fall under SEC regulation. They prefer to wait for the SEC to establish a clearer regulatory framework before deciding whether to cooperate.
Colin: What about offshore platforms? Are platforms like Binance, OKX, and Bybit more willing to integrate your products?
Qin Han: Their attitude is similar. Although they are offshore platforms, they are also very cautious due to the SEC's "long-arm jurisdiction." They believe that asset tokenization is a future trend, but now is not the right time. They are also waiting for the market and regulation to mature further before deciding on the timing of cooperation.
Will You Launch Derivatives? Depends on Future Liquidity, but Long-Term Trends Definitely Exist
Colin: I feel that if this is just a spot product and involves some buying and selling delays, the efficiency is not particularly high. It seems to need to be combined with contracts to be smoother. Like the previous xStocks, Gate quickly opened contracts, although other exchanges have not yet. What do you think? Is it possible to incorporate some derivative designs in the future?
Qin Han: We have indeed seen that whether it is contracts or derivatives, not only in DeFi but also in traditional finance's primary market, such as the stock market, there are options, contracts, and other tools. This is a very natural technical choice. Our view is that as long as liquidity is strong enough, derivatives will be an inevitable development direction.
Currently, the tokenization of Pre-IPO assets, such as SpaceX's token, is still in a very early stage, and liquidity has not reached that level. Therefore, at present, there is no urgent need for contracts or derivatives. However, once future liquidity is in place, such as achieving real-time trading, then whether on centralized exchanges or other platforms, launching contracts and adding derivatives will be a natural progression.
Why Not Focus on AI? Insisting on Addressing User Pain Points Without Chasing Trends
Colin: You've been in Silicon Valley for a while, and I've heard from some friends that the current enthusiasm for crypto in the U.S. startup scene is actually average, with most entrepreneurs moving towards AI, while traditional finance and banking institutions are focusing on tokenization. This is indeed a reality. So why haven't you pursued AI? It seems that crypto is both complex and challenging.
Qin Han: You are right; almost all entrepreneurs in Silicon Valley are currently focused on AI. We faced many challenges when we started our business last year. Some investors would explicitly tell us, "Your team background is great, and your execution is strong, but if you could pivot to AI or connect with AI, I would invest in you immediately."
However, we prefer to start from the "problem"—we see a real issue and then look for solutions, rather than choosing a popular direction first and then forcing a problem onto it. So you could say we are somewhat stubborn, even a bit "foolish": we do not blindly follow trends to pivot to AI.
Of course, we will use AI technology to improve efficiency and may develop some features that integrate with AI to help investors in the future, but we still insist on focusing on solving the real pain points in the intersection of blockchain and finance.
Since the first half of this year, we have also observed some signs of a Web3 revival in Silicon Valley. More and more blockchain-based services are re-emerging, and even some traditional fintech and financial institutions are moving closer to the blockchain field. For example, JP Morgan recently publicly stated that they want to tokenize deposits.
We are very excited about this trend and are very grateful to platforms like Robinhood for promoting user education through their products, deepening the market's understanding of tokenization.
Outlook for the Stock Tokenization Market: Pre-IPO is More Breakthrough, Future Expansion to Multiple Asset Classes on the Chain
Colin: I would like to hear your thoughts on the stock tokenization market for the next six months to a year. You are currently focused on Pre-IPO; which do you think has more potential, Pre-IPO or publicly listed stocks?
Qin Han: This is a very good question about the future. We firmly believe that blockchain will reconstruct the entire financial system, just as the internet once reshaped the business models of the real world—from advertising to e-commerce, software is consuming everything.
In the next twenty years, we believe that blockchain will comprehensively reconstruct financial services, not just investments, but also payments, lending, insurance, and more. Returning to the dimension of "investment," especially in terms of stock tokenization, we believe that the tokenization of Pre-IPO assets may be a direction that breaks through first.
Because in the traditional system, ordinary investors have almost no access to Pre-IPO assets. On the other hand, acquiring publicly listed stocks is already relatively convenient globally, especially with platforms like Robinhood significantly lowering the barriers and costs, so their tokenization is not the most urgent.
However, looking at a broader future, we believe that tokenization will definitely extend to publicly listed companies, real estate, and even government bonds, among other broader asset classes. Only then will the overall market scale truly expand, ushering in a comprehensive prosperity for the industry.
The SEC May Adopt Sandbox Regulation, Gradually Opening Up Asset Tokenization
Colin: The attitude of the SEC in this process should also be quite critical, right? Recently, they have been busy with stablecoin-related policies; will they start focusing on tokenization afterward? Is there a possibility of any legislation?
Qin Han: Yes, the policy direction of the SEC is very critical. We are also collaborating with top law firm Wilson Sonsini (WGSL), which has direct communication channels in Washington and continues to engage with the SEC and the White House crypto task force.
From what we understand, policymakers are actually very focused on the direction of asset tokenization, as they believe it could be a real breakthrough for innovation in the crypto industry. However, they are also very cautious and will choose a gradual approach of "observe—open—evaluate."
Our judgment is that the SEC may first introduce a sandbox policy, allowing small-scale testing or exemptions within a certain scope. This approach does not affect the stability of traditional finance while allowing observation of how projects operate in the real market. If performance is good, regulation may gradually loosen, ultimately establishing a more systematic and clear regulatory framework for tokenization.
Observations on the Web3 Startup Trend in the U.S.: Continuous Evolution of Infrastructure, Growth in ToC Applications like Prediction Markets, Insurance, and Lending
Colin: Lastly, I have a side question. What do you think are the current focus areas for Web3 or crypto startups in the U.S.?
Qin Han: That's a good question. We are currently observing that many Web3 entrepreneurs in the U.S. are concentrated in the infrastructure field. Compared to the application layer, the SEC is relatively more friendly towards infrastructure, with fewer regulatory restrictions and greater room for innovation.
Colin: Are you referring to public chains and the like?
Qin Han: Yes, for example, enhancing performance and optimizing user experience. Currently, there are many new explorations on chains like Solana, Base, and Arbitrum. For instance, the recent ERC-7702 standard allows users to no longer worry about gas fees, as they can be paid by the project party. Such technological improvements are crucial for "breaking the circle" and can truly enhance the public's experience of using blockchain.
In addition to infrastructure, we are also seeing more and more innovative applications aimed at end users (ToC) emerging, especially those that bring blockchain into real-world scenarios. For example, prediction markets like PolyMarket may seem similar to gambling to some, but if we step outside that framework, predictions can also be seen as a form of insurance—you're predicting "nothing will happen," and if something does happen, you receive compensation.
Therefore, we believe that the prediction mechanism itself is very valuable, and we look forward to driving the development of more similar applications, such as on-chain insurance and on-chain lending. There are also some projects exploring using virtual assets as collateral to obtain stablecoins, which can then be used to purchase real estate. This combination of "virtual assets + real-world scenarios" is also very promising.
So we believe that in the coming years, U.S. Web3 entrepreneurship will gradually transition from "building infrastructure" to the "real application landing" phase, especially in traditional financial service areas like insurance and lending, where we will see more genuine blockchain solutions.
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