Injective Protocol is a Layer-1 blockchain focused on decentralized finance, launching Onchain Pre-IPO Perpetual Markets, providing access to global investors in trade synthesis versions of major private companies such as Openai.
The new product allows users to take up to five times the leveraged positions directly via Injective in private companies. This allows the protocol to be distinguished from centralized IPO products offered by platforms such as Robinhood.
According to an Injective announcement on Wednesday, the pre-IPO perpetual will be equipped with Onchain data sourced from the SEDA protocol, which provides a decentralized Oracle infrastructure and brings price data to the blockchain.
“Unlike other Pre-IPO solutions such as Robinhood, Injective’s Pre-IPO Perps are built differently,” the protocol says, highlighting features such as full on-chain execution, programmerity, complexity and capital efficiency.
The first IPO Pre-IPO Perpetual Market lists ChatGpt developer Openai, making trading available on Helix, a decentralized exchange built on Injective. The protocol said additional private companies will be added in October.
Injective positions launches as part of its broad mission to “introduce on-chain for all financial markets,” focusing on real-world asset (RWA) tokenization and the expansion of Defi into traditional markets.
The RWA market has grown rapidly this year, with Onchain Financial Assets totaling nearly $32 billion, according to industry data.
Related: Deutsche Telekom’s subsidiary will be validators for Injective Blockchain
Distinguishing from Robinhood’s private equity tokens
Historically, access to pre-IPO markets has been restricted to institutional or certified investors, creating barriers for retail participants. The Injective model uses on-chain permanent derivatives related to private company reference prices and provides a decentralized, permitted, unexposed method, although not equivalent to retaining equity.
This distinction is noteworthy given Robinhood’s regulatory scrutiny earlier this year, as companies like Openai have made publicly clear that these products do not represent ownership. However, as Galaxy Digital noted, Robinhood’s fine-grained printing makes it clear that equity tokens are “derivatives that provide indirect exposure to underlying assets.”
Nevertheless, in July, Bank of Lithuania, the leading regulator of the European Union’s Robinhood, said it was seeking a “explanation” for its stock token offering.
A spokesman for Injective further clarified the difference in the provision of statements to CointeLegraph. “This is a much more unique position as it is a permanent derivative based on the reference prices of companies before the IPO,” they said, noting that the product is unavailable to users in the US, UK or Canada due to regulatory restrictions.
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