The Robinhood Tokens offered by Capital in Openai technically are not capital, Vlad Tenev confirmed in a recent CNBC interview, but are backed by “Robinhood’s property participation in a special purpose vehicle.”
Openai warned earlier this month that the tokens offered by Robinhood do not represent capital in the company, and any capital transfer would require OpenAi approval they have not given.
“In itself, I do not think it is completely relevant that it is not technically an instrument of equity,” said Tenev in CNBC. “The important thing is that retail customers have the opportunity to exposure to this asset.”
Robinhood is not the first platform that offers shares in companies prior to the OPI with this model.
Linqto, which offered exposure to retail investors through special purpose vehicles that bought shares in the secondary market, recently declared in bankruptcy, asking questions about what their customers possessed exactly, now creditors.
Among companies are undulating (XRP)and his CEO, Brad Garlinghouse, has publicly distanced Ripple de Linqto.
“We stop approved more Linqto purchases in secondary markets at the end of 2024 in the midst of growing skepticism,” Garlinghouse tweeted in early July.
Read more: OpenAI warns that the sale of tokenized capital in Robinhood is not authorized
