Tokenization arrives for unicorn stocks

How it works: Users can reserve exposure to future shares, or fractional shares, as tokens on the Solana blockchain. They only can trade with other wallets approved to interact with the underlying smart contract that governs the token.

• Republic initially is running these sales via regulation crowdfunding, which has a $5 million raise limit and a $5,000 non-accredited investor cap, but hopes to eventually expand to uncapped Reg D. Currently this is what's known as the "testing the waters" phase.
• It also claims to already have the underlying shares. Worth emphasizing, however, that users are reserving options to receive equity in the future — not actual stock for which the issuers have legal obligations.

The bottom line: Stock tokenization is coming, with Coinbase and Robinhood both recently announcing public equity plans in the U.S. and Europe, respectively.