By Frank, PANews
As RWA accelerates its evolution from an industry narrative to a trillion-dollar track that Wall Street giants such as BlackRock and JPMorgan Chase are vying to enter, a deeper question emerges: In addition to traditional assets such as bonds and funds, can the equity of top pre-IPO companies that truly define the direction of technology in the next decade also be "tokenized" and brought to a wider range of investors?
Jarsy is making this a reality. Founded by former core members of Facebook, Uber, and Square, and backed by top venture capital firms like Breyer Capital, the platform is focused on making high-quality, unlisted assets like SpaceX, xAI, and Stripe available to global investors.
Recently, PANews had an in-depth conversation with Jarsy founder Han Qin to discuss how this company, backed by top venture capital firms such as Breyer Capital and Karman VC, found its own irreplaceable niche in a field surrounded by giants and opened a new era of value capture for global investors.
Han Qin believes the potential of the tokenized stock market far exceeds that of traditional cryptocurrencies. Its essence lies in bringing trillions of dollars in real equity value to global investors. In this enormous opportunity, Jarsy's position isn't to compete with giants, but rather to serve as a bridge connecting institutions and a new generation of investors. He emphasized that the tokenized market isn't a "subset" of crypto, and that blockchain technology is the only path to achieving massive growth in the pre-IPO market. Jarsy's ultimate goal is to enable every qualified investor to own "the first truly future-proof 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 and SpaceX, they no longer have to rely solely on "reading the news" or "waiting for an IPO." Instead, they 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.
Allowing ordinary investors to participate in the primary market in compliance with regulations
PANews: We've seen Jarsy and the entire tokenization space attract significant market attention recently. Could you share the latest business progress and current transaction volume?
Han Qin: Over the past few months, Jarsy has made substantial progress in many key areas.
In terms of scale, our platform has facilitated millions of dollars in pre-IPO token investment transactions for some of the world's most sought-after primary market assets, including SpaceX, xAI, Anthropic, and Stripe. We are collaborating closely with numerous funds and top VCs, and plan to list more unicorn targets next quarter.
Regarding compliance, we are building a transaction framework based on existing regulations to ensure that both US and global investors can participate within a clear and compliant legal framework. We are collaborating closely with leading global law firms such as Wilson Sonsini and Paul Hastings to ensure that each token reflects real and clear economic rights, rather than simply being a "concept coin."
Our team, headquartered in Silicon Valley, comprises core members from leading tech companies like Facebook, Uber, and Square, as well as primary market investment experts from Wall Street, Silicon Valley, and Singapore. We are also honored to have the support of strategic investors such as Breyer Capital and Karman VC, who have extensive experience in cross-border finance and technology investments. They continue to empower us with product structure, regulatory framework, and global strategy.
PANews: Traditional financial giants like JPMorgan Chase and BlackRock are accelerating their entry into the market. Do you believe this wave of institutionalization presents an opportunity for collaboration or a challenge of disruption for innovators like Jarsy? How can Jarsy find its unique niche within this trend?
Han Qin: We believe the so-called "institutionalization wave" is essentially a signal that tokenization is moving from narrative to a real reconstruction of the infrastructure layer. The entry of JPMorgan Chase and BlackRock doesn't represent a challenge, but rather a sign that this market is beginning to possess true systemic value. For Jarsy, this represents a tremendous opportunity for collaboration.
This is because large institutions often focus on infrastructure and serving high-net-worth clients, and they can't respond to secondary market product demands as quickly as we do. Jarsy's advantage lies in its commitment to compliance and its on-chain development. We can structure and tokenize high-quality pre-IPO assets with ultimate product efficiency and transparency, and rapidly complete matching and clearing through on-chain channels.
Furthermore, we don't position ourselves as an "institutional replacement," but rather as a bridge connecting institutions and Web3 investors. We have strong partnerships with numerous funds, securities firms, and trust companies, and some institutional investors are even interested in tokenizing their pre-IPO portfolios through Jarsy.
Therefore, we welcome the arrival of Morgan and BlackRock, and look forward to more combinations like "traditional financial giants + Jarsy" in the future.
PANews: So far, which case study is Jarsy most proud of? Could you share it with our readers?
Han Qin: One of the cases we are most proud of is helping investors seize the Pre-IPO investment opportunity of xAI.
xAI, founded by Elon Musk, aims to build a general artificial intelligence platform on par with OpenAI. It collaborates closely with Tesla and X, has secured investments from top funds such as a16z and Sequoia, and is viewed by the market as a potential IPO candidate on the scale of OpenAI. However, such opportunities are typically reserved for top funds and a small number of strategic investors in the traditional primary market, making them difficult for the average investor to access.
It is in this context that Jarsy has built a legal 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 rights in compliance with regulations in the form of tokens through our platform.
The xAI project is particularly strategically valuable. It not only verifies Jarsy’s ability to capture primary market trends, but also demonstrates our efficiency in quickly completing due diligence, structural design, token construction, and on-chain issuance in highly sensitive projects.
PANews: Looking ahead to the next 1-2 years, considering the macroeconomic variables of US policy, what changes do you foresee in US tokenization regulatory policies? How does Jarsy's current compliance framework address these potential opportunities and risks?
Han Qin: We believe that in the next 1-2 years, the regulatory environment for tokenization in the United States is expected to undergo three major directional changes:
First, policies are becoming clearer. As relevant bills advance, crypto assets will be subdivided into different regulatory categories, the division of labor between the SEC and the CFTC will become clearer, and the industry will gradually move out of the "gray area."
Second, compliance participation channels are gradually opening up. We expect the SEC to allow more compliance paths based on Reg D, Reg S, and other regulatory pathways to be combined with on-chain issuance, and compliance and liquidity will no longer be in conflict.
Third, anti-money laundering and identity compliance will receive greater attention. On-chain identity and KYC/AML mechanisms will become the "entry ticket" to participate in the tokenized asset market. This will raise the industry's entry threshold, but it will also boost institutional confidence in participating.
In the face of such changes, Jarsy's compliance framework consistently adopts a "front-end compliance + modular response" strategy. All transactions are based on SEC Reg D and Reg S frameworks, and through long-term collaboration with top law firms, we complete legal structure design and legality verification before product launch. We consistently position ourselves as a participant and promoter of regulatory development. We believe that companies with the ability to navigate future cycles will not be "regulatory arbitrageurs," but rather bridge-building platforms that help regulators understand technology and the market understand regulation.
Let long-termists invest in real things
PANews: What is the profile of Jarsy's core customers? Compared with traditional investors, what are the biggest differences in their investment philosophy, risk appetite, and product experience?
Han Qin: Jarsy's core customers are a group of "new generation global investors" with the following characteristics: they are aged between 25 and 40, mostly from high-cognitive industries such as technology and finance; they are distributed in major financial and technology center cities around the world and have a strong desire for cross-border asset allocation; they themselves are high-income crypto investors, early employees of startups or VC/PE practitioners.
The biggest differences between this group of users and traditional high-net-worth individuals, family offices, or brokerage clients lie in three dimensions:
The investment philosophy is more proactive and more decentralized.
Risk preference is not blindly aggressive, but "concentrated betting after understanding."
The requirements for product experience and liquidity are much higher than those of traditional investors.
PANews: How does Jarsy meet these new demands in product design?
Han Qin: To meet the needs of this type of users, Jarsy has made many special designs in its products: Structurally, we insist that each token is built on the basis of real asset rights and interests to ensure "what you see is what you invest"; in terms of interaction, we support Web3 native operations and also provide a convenient Web2 entrance for non-encrypted users; in terms of risk warnings, we provide a full set of due diligence reports, structural diagrams and exit path analysis to help users "understand and judge quickly."
PANews: In actual operations, is there any user experience that impressed you?
Han Qin: One of our early users is an engineer working on AI algorithm research in Silicon Valley. He has been following SpaceX for a long time, but as an individual investor he never had the opportunity to participate.
Last year, he learned about Jarsy through a friend. When we launched the SpaceX Pre-IPO Token project, he immediately completed compliance certification and conducted almost "researcher-level" due diligence. He said he was willing to bet on Musk's long-term vision, but only on the condition that "I know I'm investing in something real."
Only after he saw the structure diagram, the origin of the original shareholders, the logical exit path, and the legal framework we provided did he feel truly reassured. He ultimately invested $10,000 in USDC, saying it was "the first time in my life that I could personally participate in a top-tier asset in the primary market," and that the entire experience was "like using Robinhood, not filling out SEC forms."
This story left a lasting impression on us. He represents a whole new generation of investors—those with high awareness, a strong preference for liquidity, and a high demand for transparency—which is exactly what Jarsy products exist for.
PANews: Compared with pre-IPO equity and tokenization platforms such as Robinhood, 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 trends, which is positive for the entire industry. However, compared to Robinhood, Jarsy's positioning and core advantages are very clear and distinct:
Born on-chain from the outset, Jarsy boasts a leading compliant and transparent structure. Each token is designed based on SEC Reg D/Reg S structures and directly linked to on-chain contracts, offering full composability and liquidity potential.
The asset side is more focused and of higher quality. Jarsy focuses on a small number of high-quality pre-IPO assets, such as SpaceX and xAI. Each project undergoes in-depth due diligence and structural design.
Designed for accredited investors worldwide, not just US retail investors, Jarsy's compliance structure was built for global compliance from day one, with a multi-language, cross-currency, and on-chain identity system.
Our team's background and technical product capabilities are more flexible and in-depth. Our team comes from Facebook, Uber, Square, and top funds, and can complete due diligence, structuring, tokenization, and blockchain delivery for high-quality projects within weeks.
In summary, Robinhood is 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 question 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 inclusion" and building "next-generation financial infrastructure," rather than just a superior option?
Han Qin: This is a very good question. From a short-term perspective, centralized databases can also be tokenized. But the question we need to ask is: are we content with replicating the old system, or do we truly want to reshape 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." However, on-chain tokens are programmatically generated, auditable, and traceable, shifting the source of trust from "trusting the institution" to "verifying the structure."
Lack of liquidity infrastructure: Centralized tokens are difficult to transfer between different platforms; on-chain assets can be freely combined and migrated in the entire open ecosystem in the future.
Lack of a combined “identity layer + compliance layer” mechanism: The compliance module in Web3 can be embedded in the protocol to form an automatic regulatory mechanism of “rules as code”, which is the basis for the free flow of cross-border assets in the future.
This isn't a "blockchain vs. database" question; it's: "Do you want an app, or a protocol layer that connects the world?" This is why Jarsy has been a full-chain deployment from day one. We believe blockchain isn't a "better technology choice"; it's the only path to achieving our long-term goals.
The tokenized market is not a “subset” of crypto
PANews: From your perspective, which market has greater future potential, the tokenized stock market or the traditional cryptocurrency market? How big do you think the pre-IPO market will be in the future?
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-based tokens. The tokenized stock market, on the other hand, essentially moves trillions of dollars of real-value assets, such as equity, debt, and fund shares, onto the blockchain.
Specifically, regarding the pre-IPO equity tokenization sector, which Jarsy specializes in, we see a highly valuable but illiquid market: The global primary market currently holds over $10 trillion in assets, with pre-IPO assets conservatively estimated at $3-4 trillion. Yet, today, almost all of these assets circulate among only a handful of institutions. If even a small portion were structured as on-chain assets, this would already be a trillion-dollar market.
Therefore, we believe the IPO market is the starting point of this evolution—it offers both early-stage high growth and a clear exit path, making it a natural fit 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 pre-IPO equity in high-growth technology companies. Will you consider expanding into other asset classes in the future, such as real estate, art, or even earlier-stage venture capital (VC) shares?
Han Qin: Our current strategic focus is very clear: we are focused on tokenizing pre-IPO equity in high-growth technology companies. This is for three reasons: it is the most naturally suited asset class for tokenization; the exit path is clear; and regulations are relatively friendly.
Of course, from a longer-term perspective, we are also continuing to pay attention to the tokenization possibilities of other potential asset types, including venture capital shares (VC LP interest), commercial real estate or infrastructure, intellectual property assets, etc.
In general, we're not a "jack-of-all-trades" platform. Instead, we're clearly building a standardized system that supports the on-chain transformation of high-quality private equity assets, starting from the pre-IPO stage. If an asset meets the four criteria of "real equity + compliant structure + clear pricing + liquidity potential," we will seriously consider it.
PANews: Putting aside the 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: Five years from now, we hope that Jarsy will not only be a trading platform, but also become the digital financial infrastructure for the global private investment market.
Jarsy aims to be the first stop for ordinary investors in their asset allocation, connecting them to high-quality, long-term assets. When they want to invest in projects like OpenAI and SpaceX, they can no longer just "read the news" or "wait for an IPO." Instead, they can participate using on-chain identities, compliant quotas, and real credentials. We want users to not just hold tokens, but 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 "institutional exclusive" and "publicly accessible", but should be open to every individual with judgment based on compliance and ability.
If Robinhood allows more people to own their first stock, then we hope Jarsy can allow people to own their first pre-IPO equity that truly belongs to the future.
