Interview with Jarsy, the Pre-IPO investment platform founder Han Qin: How to enable ordinary investors to comply and "enter a position" in SpaceX and xAI?

Author: Frank, PANews

As RWA accelerates its evolution from an industry narrative into a trillion-dollar arena that Wall Street giants like BlackRock and JPMorgan are vying for, a deeper question arises: Beyond traditional assets like bonds and funds, can the top Pre-IPO company equities that truly define the technological direction of the next decade also be "tokenized" and offered to a broader range of investors?

Jarsy is making this a reality. This platform, founded by former core members of Facebook, Uber, and Square, and backed by top venture capital firms such as Breyer Capital, is focusing on opening up high-quality private equities from companies like SpaceX, xAI, and Stripe to global investors.

Recently, PANews had an in-depth conversation with Han Qin, the founder of Jarsy, discussing how this company, supported by top venture capital firms such as Breyer Capital and Karman VC, has found its irreplaceable ecological niche in a competitive field dominated by giants, and opened a new era of value capture for global investors.

Han Qin believes that the potential of tokenized stock markets far exceeds that of traditional cryptocurrencies, as it essentially brings trillions of real equity value to global investors. Within this immense opportunity, Jarsy's positioning is not to compete with giants, but to serve as a bridge connecting institutions and the new generation of investors. He emphasizes that the tokenized market is not a "subset" of crypto; blockchain technology is the only path to achieving massive growth in the Pre-IPO market, and Jarsy's ultimate goal is to enable every qualified investor to own "the first truly future-oriented 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 will no longer just "watch the news" or "wait for the IPO," but can participate with on-chain identity, compliance limits, and real credentials. We hope that users not only hold tokens but truly have the opportunity to grow alongside the most valuable companies of this era.

allows ordinary investors to participate in the primary market in compliance.

PANews: Recently, we have seen that Jarsy and the entire tokenization sector have attracted a lot of market attention. Could you share the latest business developments and the current trading scale?

Han Qin: Over the past few months, Jarsy has made significant progress on multiple key dimensions.

In terms of business scale, our platform has facilitated millions of dollars in Pre-IPO Token investment transactions, covering some of the most sought-after primary market assets globally, such as SpaceX, xAI, Anthropic, and Stripe. We are closely collaborating with multiple funds and top VCs and plan to launch more unicorn targets in the next quarter.

In terms of compliance architecture, we have built a trading framework based on existing regulations to ensure that investors from the United States and around the world can participate within a clear and compliant legal system. We are working closely with leading global law firms such as Wilson Sonsini and Paul Hastings to ensure that each Token represents real and clear economic rights, rather than merely being a "concept coin."

On the team side, our headquarters is located in Silicon Valley, and our core members come from top tech companies such as Facebook, Uber, and Square. We have also gathered primary market investment experts from Wall Street, Silicon Valley, and Singapore. At the same time, we are honored to have the support of strategic investors like Breyer Capital and Karman VC, who have extensive experience in cross-border finance and technology investments, continuously empowering us in product structure, regulatory layout, and globalization strategies.

PANews: Traditional financial giants like JPMorgan and BlackRock are accelerating their entry into the market. Do you think this wave of 'institutionalization' represents an opportunity for collaboration or a challenge of disruption for innovators like Jarsy? How can Jarsy find its irreplaceable ecological niche in this trend?

Han Qin: We believe that the so-called "institutional wave" is essentially a signal: Tokenization is moving from narrative to a real reconstruction at the infrastructure level. The entry of JPMorgan and BlackRock does not signify a challenge, but rather indicates that this market is beginning to possess genuine systemic value. For Jarsy, this represents a tremendous opportunity for collaboration.

The reason lies in the fact that large institutions often focus on infrastructure and serving high-net-worth clients, and they cannot respond to secondary market product demands as quickly as we can. Jarsy's advantage is that we were born compliant and grew on-chain, allowing us to structure and tokenize high-quality Pre-IPO assets with extreme product efficiency and transparency, and to quickly complete matching and settlement through on-chain channels.

Moreover, we do not position ourselves as an "alternative institution," but rather as a bridge connecting institutions and Web3 investors. We have good partnerships with several funds, brokerages, and trust institutions, and some institutional investors are even willing to use Jarsy for the tokenization management of their Pre-IPO investment portfolios.

Therefore, we welcome the arrival of Morgan, BlackRock, and look forward to more combinations like "traditional financial giants + Jarsy" in the future.

PANews: As of now, what is the case that Jarsy is most proud of? You can also explain this case to help readers understand.

Han Qin: One of our proudest cases is helping investors seize the Pre-IPO investment opportunity of xAI.

xAI was personally founded by Elon Musk, with the goal of creating a general artificial intelligence platform that stands alongside OpenAI. It collaborates deeply with Tesla and X, and has received investments from top funds like a16z and Sequoia, being seen by the market as the next IPO project at the level of OpenAI. However, such opportunities are almost exclusively available in the traditional primary market to top funds and a few strategic investors, making it difficult for ordinary investors to access.

Jarsy, in this context, has built a legal equity structure based on Reg D and Reg S through collaboration with original investors and secondary share transferors, allowing qualified investors to participate in xAI's Pre-IPO equity in a compliant manner through our platform in the form of Tokens.

The xAI project is particularly strategically valuable, as it not only validates Jarsy's ability to capture trends in the primary market but also demonstrates our execution efficiency in quickly completing due diligence, structural design, token construction, and on-chain issuance for high-sensitivity projects.

PANews: Looking ahead to the next 1-2 years, considering the macro variables of U.S. policy, what changes do you anticipate in the U.S. 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, there are expected to be three major directional changes in the regulatory environment regarding tokenization in the United States:

First, the policy is becoming clearer. With the advancement of relevant legislation, crypto assets will be categorized into different regulatory classifications, and the division of responsibilities between the SEC and CFTC will become more defined, allowing the industry to gradually move out of the "gray area."

Second, the compliance participation channels are gradually opening up. We expect the SEC to allow more compliance paths based on Reg D, Reg S, etc., to be combined with on-chain issuance, and compliance and liquidity will no longer be in opposition.

Thirdly, anti-money laundering and identity compliance will receive more attention. On-chain identity and KYC/AML mechanisms will become the "ticket" to participate in the tokenized asset market, which will raise the industry entry threshold, but will also enhance institutional participation confidence.

In the face of such changes, Jarsy's compliance framework has always adopted a strategy of "pre-compliance + modular response." All transactions are based on the SEC Reg D and Reg S frameworks, and we have long-term collaborations with top law firms to complete legal structure design and legitimacy verification before product launch. We always position ourselves as participants and promoters of regulatory development. We believe that in the future, companies truly capable of navigating through cycles will not be "regulatory arbitrageurs," but rather bridge-type platforms that help regulators understand technology and help the market understand regulation.

Let long-termists invest in real things

PANews: What does the profile of Jarsy's core customers look like? What are the biggest differences in their investment philosophy, risk preferences, and product experience compared to traditional investors?

Han Qin: Jarsy's core clients are a group of "new generation global investors" characterized by the following traits: aged between 25 to 40 years, mostly from high cognitive density industries such as technology and finance; distributed in major global financial and technology hub cities, with a strong willingness for cross-border asset allocation; they are high-income crypto investors, early employees of startups, or practitioners in VC/PE.

The biggest difference between this group of users and traditional high-net-worth individuals, family offices, or brokerage clients lies in three dimensions:

1. Investment philosophy is more proactive and more decentralized.
2. Risk preference is not blind aggression, but rather a "concentrated bet after understanding."
3. 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 these users, Jarsy has made many specialized designs in its products: structurally, we ensure that every Token is built on real asset rights, guaranteeing "what you see is what you invest in"; in terms of interaction, we support Web3 native operations and also provide convenient Web2 access for non-crypto users; in terms of risk warning, we provide a complete set of due diligence reports, structural diagrams, and exit path analysis to help users "understand clearly and make quick judgments."

PANews: In actual operations, is there any user's experience that left a deep impression on you?

Han Qin: One of our early users, an engineer engaged in AI algorithm research in Silicon Valley. He has long been interested in SpaceX but has never had the opportunity to participate as an individual investor.

Last year he learned about Jarsy through a friend's introduction. When we launched the SpaceX Pre-IPO Token project, he completed the compliance certification at the first opportunity and conducted due diligence almost at a "researcher level." He said he was willing to bet on Musk's long-term vision, but on the condition that: "I need to know that what I'm investing in is real."

Only when he saw the structural diagram we provided, the sources of original equity holders, the exit path logic, and the legal framework did he truly feel at ease. He ultimately invested $10,000 in USDC, stating that this was his "first time in life being able to personally participate in top-tier assets in the primary market," and that the entire experience was "like using Robinhood, rather than filling out SEC forms."

This story leaves a deep impression on us. It represents a whole generation of new investors - high cognitive ability, high liquidity preference, and high demand for transparency - which is precisely the purpose of the Jarsy product.

PANews: What are Jarsy's core advantages compared to pre-IPO equity and tokenization platforms like Robinhood?

Han Qin: The entry of platforms like Robinhood serves as a strong endorsement of the Pre-IPO equity and tokenization trend, which is positive for the entire industry. However, compared to Robinhood, Jarsy's positioning and core advantages are very clear and quite different:

1. From the very beginning, "born on-chain," with a compliant and transparent structure leading the way. Every Token of Jarsy is designed based on SEC Reg D / Reg S structures, directly linked to on-chain contracts, with complete composability and liquidity potential.
2. The asset side is more focused and of higher quality. Jarsy concentrates on a small number of high-quality Pre-IPO assets, such as SpaceX and xAI, each project having undergone thorough due diligence and structural design.
3. Designed for global qualified investors, not just for U.S. retail investors. Jarsy's compliance structure has been global from day one, complemented by a multilingual, multi-currency, on-chain identity system.
4. The team background and technical product capabilities are more flexible and in-depth. Our team comes from Facebook, Uber, Square, and top funds, and can complete high-quality project due diligence, structuring, tokenization, and on-chain delivery within a few weeks.

In summary, Robinhood is a popular entry point for primary market education, while Jarsy is more like the next-generation private asset infrastructure designed for global investors in the digital age.

PANews: A common question is "This can also be achieved with a centralized database." Could you elaborate from a longer-term perspective on why blockchain is a necessary technology for achieving "financial inclusion" and building the "next-generation financial infrastructure," rather than just being a better option?

Han Qin: This is a very good question. From a short-term perspective, centralized databases "can also achieve tokenization." But we need to ask: Are we satisfied with replicating old systems, or do we truly want to reconstruct 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". Tokens on the chain are programmatically generated, auditable, and traceable, shifting the source of trust from "trusting institutions" to "verifying structures".

Lack of liquidity infrastructure: centralized tokens are difficult to circulate across different platforms; whereas on-chain assets can be freely combined and migrated throughout the open ecosystem in the future.

Lack of "identity layer + compliance layer" combination mechanism: The compliance module in Web3 can be embedded in protocols to form an automatic regulatory mechanism of "rules as code," which is the foundation for the free flow of cross-border assets in the future.

This is not a question of "blockchain vs database"; it is: "Do you want an app, or a protocol layer for assets that can connect the world?" This is why Jarsy has been fully deployed on-chain from day one. We believe that blockchain is not a "better technological choice"; it is the only path to achieving long-term goals.

The tokenized market is not a "subset" of crypto.

PANews: From your perspective, comparing the future potential of the tokenized stock market and the traditional cryptocurrency market, which one is greater? How large do you think the future pre-IPO market size will be?

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 tokens. In contrast, the tokenized stock market essentially moves the real value assets such as hundreds of trillions of dollars in equity, debt, and fund shares onto the blockchain.

Specifically regarding the Pre-IPO equity tokenization that Jarsy focuses on, we see a highly valuable but illiquid market: the total scale of the global primary market asset pool currently exceeds $10 trillion, with assets in the Pre-IPO stage conservatively estimated at around $3-4 trillion; however, today, almost all of these assets only circulate among a few institutions. If even a small portion were structured as on-chain assets, it would already be a trillion-dollar market.

Therefore, we believe that the token-IPO market is the starting point of this evolution—it possesses both early high growth potential and a clear exit path, making it the first type of quality asset naturally suited for tokenization. Jarsy's vision is to transform this multi-trillion scale "closed market" into an open, transparent, and liquid new financial system.

PANews: The platform is currently focused on high-growth tech companies' Pre-IPO equity. Will there be consideration to expand the asset class into other areas in the future, such as real estate, art, or earlier-stage venture capital (VC) shares?

Han Qin: Our current strategic focus is very clear: to concentrate on the Pre-IPO tokenization of high-growth technology companies. There are three reasons for this: it is the type of asset that is most naturally suited for tokenization; the exit path is clear; and the regulation is relatively friendly.

Of course, from a longer-term perspective, we are also continuously looking at 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 are not a platform that aims to do "everything," but rather we clearly start from Pre-IPO and gradually build a standard system that supports the on-chainization of high-quality private equity assets. If a certain type of asset can meet the four criteria of "real rights + compliant structure + clear pricing + liquidity potential," we will seriously consider it.

PANews: Setting 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 Jarsy will not just be a trading platform, but will become the digital financial infrastructure for the global private investment market.

In the asset allocation of ordinary investors, Jarsy aims to be their "first stop" for accessing high-quality long-term assets. When they want to invest in projects like OpenAI or SpaceX, they no longer have to just "read the news" or "wait for an IPO," but can participate with on-chain identities, compliant quotas, and real credentials. We hope users not only hold tokens but also 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 "accessible to the public," but should be open to every discerning individual based on compliance and capability.

If Robinhood allowed more people to own their first stock, we hope Jarsy can let people own their first truly future-oriented Pre-IPO equity.