Injective Protocol, a layer-1 blockchain dedicated to decentralized finance, is introducing onchain pre-IPO perpetual markets, providing global investors with the ability to trade synthetic versions of renowned private companies, including OpenAI.
This new feature enables users to leverage positions up to five times on private company valuations directly through Injective, positioning itself as distinct from centralized pre-IPO solutions offered by platforms like Robinhood.
As stated in Injective’s announcement on Wednesday, the Pre-IPO perpetuals utilize onchain data from Seda Protocol, which delivers decentralized oracle infrastructure for blockchain price data, and Caplight, which consolidates pricing data from private markets involving venture-backed companies.
“Unlike other pre-IPO solutions from Robinhood and similar platforms, Injective’s Pre-IPO perps are fundamentally different,” the protocol emphasized, showcasing features like complete onchain execution, programmability, composability, and capital efficiency.
The initial pre-IPO perpetual market will feature OpenAI, the developer of ChatGPT, with trading accessible via Helix, a decentralized exchange built on Injective. The protocol announced that more private companies will be incorporated in October.
Injective framed this launch as part of its wider mission to “bring every financial market onchain,” highlighting its emphasis on real-world asset (RWA) tokenization and the advancement of DeFi into conventional markets.
The RWA market has witnessed significant growth this year, with the total value of onchain financial assets nearing $32 billion, according to industry reports.
Related: Deutsche Telekom subsidiary becomes a validator for Injective blockchain
A distinction from Robinhood’s private equity tokens
Traditionally, access to pre-IPO markets has been limited to institutional or accredited investors, creating obstacles for retail investors. Injective’s approach employs onchain perpetual derivatives linked to reference prices of private companies, providing a decentralized and permissionless method to gain exposure, albeit not equivalent to holding equity.
This distinction is particularly significant given Robinhood’s regulatory challenges earlier this year regarding its “private equity tokens,” with companies like OpenAI explicitly stating that those products do not represent ownership stakes. However, as noted by Galaxy Digital, Robinhood’s fine print clarifies that equity tokens are “derivatives that offer indirect exposure to the underlying asset.”
Nonetheless, in July, the Bank of Lithuania—Robinhood’s primary regulator in the European Union—reported that it was seeking “clarifications” concerning the firm’s stock token offerings.
An Injective spokesperson clarified the differences between the offerings in a statement to Cointelegraph: “This is much more uniquely positioned because it’s a perpetual derivative based on a reference price of the Pre-IPO company,” they noted, mentioning that the product is unavailable to users in the United States, United Kingdom, or Canada due to regulatory restrictions.
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