Republic's User Base Undercuts Jarsy
Jarsy
The real advantage is not tokenization itself, it is captive demand. Private share markets stay illiquid because buyers and sellers are scattered across brokers, SPVs, and one off deals, so the platform that already has millions of funded accounts can concentrate orders faster than a startup marketplace. Republic is building that full loop, from cheap primary access through Mirror Tokens to secondary trading through INX, which puts direct pressure on Jarsy where liquidity depends on attracting both sides trade by trade.
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Jarsy uses Delaware SPVs to buy private shares, then issues blockchain tokens that pass through economic exposure, not direct shareholder rights. That lowers minimums for users, but it does not by itself solve the hard part, which is finding enough repeat buyers and sellers in the same names at the same time.
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The private secondary market has historically been fragmented and broker driven, with long settlement times and sparse price discovery. Earlier research showed only about $30 billion of roughly $1.5 trillion in late stage private value changed hands annually, which is why distribution and recurring order flow matter more than token wrapper design alone.
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Comparable platforms show the same pattern. EquityZen aggregates investors through SPVs and had 710,000 plus registered users by March 2025, while Forge built institutional scale with large historical volume. Republic now markets Mirror Tokens to 3M plus community members and says INX gives it regulated trading rails, so it can attack liquidity from both the retail audience side and the market structure side.
The market is heading toward fewer standalone marketplaces and more ecosystems that pair issuance, custody, trading, and distribution. If Republic, Robinhood, Coinbase, and similar incumbents keep pulling large user bases onto tokenized private assets, smaller specialists like Jarsy will need to win by owning specific supply, specific communities, or a much better trading experience in the names retail investors care about most.