AI giant OpenAI has taken to X to remind an excited crypto community that Robinhood’s much-hyped “stock tokens” don’t represent equity in the business.
The post clarifies that Robinhood isn’t working in partnership with OpenAI, and the tokens are not endorsed, insisting that “we did not approve any transfer” of equity.
Read more: Robinhood wants US newborns larping into stocks
Announced at the Ethereum Community Conference in Cannes this week, “stock tokens” give users access to tokenized versions of well-known stocks, as well as “shares” in private companies, OpenAI and SpaceX.
The tokens are currently deployed on Ethereum L2 Arbitrum, though Robinhood has plans to launch its own purpose-built blockchain in the future.
Observing the on-chain roll-out of the tokens, Coinbase’s Conor Grogan observed the deployer’s credentials as a true crypto-native degen.
Read more: Exclusive: Coinbase’s Conor Grogan on how he’s reuniting users with lost crypto
Tom Schmidt, of crypto-focused venture fund Dragonfly, dug into the small print behind the tokens, pointing out that it’s “pretty clear that you’re buying a *derivative* that is *not* redeemable for the underlying and not backed 1:1”.
He also shot down comparisons to special-purpose vehicles in traditional finance, saying, “SPVs at least own the stock lol.”
Crypto Twitter’s response was typically tongue-in-cheek
Robinhood’s offering was likened by one X user to a scene from the film The Big Short, in which Steve Carell’s character wrangles his way through an explanation of collateralized debt obligations (CDOs).
In a reply to their own post, they appear to argue for simplicity in crypto, stating “fartcoin fixes this.”
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The legitimacy of the offering was put under even further scrutiny via a sartorial analysis of Robinhood’s CEO, Vlad Tenev, with one user commenting that the combination of “pinstripe and the ascot [was] giving ’80s cocaine villain vibes.”
It appears that suit-related controversies are crypto’s hot topic this week.
Not wanting to pass up an opportunity to get in a dig at OpenAI, Elon Musk replied, “your ‘equity’ is fake,” likely referencing their feud over the company’s flip-flopping on its status as a non- or for-profit company.
Musk, however, didn’t comment on Robinhood’s “stock token” version of his own company, SpaceX.
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Source: https://protos.com/openai-to-robinhood-thats-not-our-stock-bro/