Perpetuals.com Files SEC Notice To Trade Tokenized U.S. Stocks On Kronos X Public: 7 outlets compared

Perpetuals targets tokenized stocks

Perpetuals.com, led by CEO Patrick Gruhn, filed a notice on Wednesday to operate a tokenized securities venue under the Securities and Exchange Commission's five-year "innovation exemption," which allows certain marketplaces to trade U.S. stocks on public blockchains without registering as traditional securities exchanges. Perpetuals.com said it plans to offer tokenized U.S. stocks under the SEC's innovation exemption after a required 30-day notice period, with trading potentially starting in mid-November at the earliest.

Perpetuals.com said the exemption, introduced in September, requires tokens to carry the same shareholder rights as ordinary shares, including dividends and voting rights, while giving companies 30 days to object to having their shares traded on a tokenized securities venue. Perpetuals.com said it would operate permissioned automated market maker liquidity pools initially on Kronos X Public, an Ethereum-compatible layer-2 blockchain developed by the company, and it said each pool would pair a tokenized U.S. stock with a digital asset initially expected to be a form of USDC.

Gruhn links to FTX-era work

Patrick Gruhn said, "The Perpetuals team has long been trailblazers in tokenization, and this expansion into the U.S. allows us to further utilize our platform and deep expertise," as Perpetuals.com positioned the move as a return to tokenized equities. Digital Assets AG, a Swiss-based tokenization company, worked with German investment firm CM-Equity to bring digital tokens linked to stocks such as Tesla and Coinbase to crypto traders.