
Chan Ahn discusses how blockchain tokenization is transforming pre-IPO investing for retail investors.
Chan Ahn is the founder of Tessera and a 17-year veteran of Wall Street. He joins Alex Perny to explain how blockchain tokenization is opening private markets to retail investors. This episode covers pre-IPO investing, atomic settlement, counterparty risk, on-chain proof of reserve, stablecoins, and the regulatory outlook for tokenized assets. Key Points: - Private markets are restricted due to settlement risk and information asymmetry, not just regulation - Blockchain enables atomic settlement: buyer and seller transact simultaneously with no delay and no counterparty trust required - Tessera houses assets in a Cayman segregated portfolio and uses Chainlink for 24/7 on-chain verification - SpaceX tokens trade on-chain at $1.5 to $1.66 trillion, a discount to the $1.75 to $2 trillion institutional target - Tokenized assets total roughly $30 billion today and are growing at 200% year over year - McKinsey projects the tokenized asset market reaches $2 trillion by 2030 out of a $300 trillion addressable market - Blockchain will compress a decade of TradFi market evolution into one to two years - Dollar-denominated stablecoins serve as the primary liquidity layer for tokenized…
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