Access Over On-Chain Rails

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Xavier Ekkel, founder of PreStocks, on 24/7 tokenized pre-IPO stock

Interview
It's not really a value-add to do it on-chain.
Analyzed 4 sources

The real zero to one is not putting stock on a blockchain, it is turning a slow, manual private share transfer into something that feels closer to a normal market. Public stocks already have deep liquidity, instant execution, and tight spreads, so putting Apple on-chain mostly changes packaging. Private stock is the opposite, where access is gated, minimums are high, paperwork is heavy, and settlement can take weeks.

  • PreStocks is wrapping SPV exposure to names like OpenAI and Canva into tradable tokens, so the user benefit is less about better rails than about skipping sourcing, negotiation, legal back and forth, and six or seven figure minimums that define the old secondary market.
  • That matches the broader private market bottleneck. Traditional secondaries still rely on brokers, emails, approvals, and cap table updates, with transfers often taking three to six months. Even issuer run tender programs can take months, which makes real time pricing almost impossible.
  • A useful comparison is Monark's view that tokenized wrappers on existing SPV interests add little end user value, because the hard part is still distribution, compliance, custody, and issuer constraints. The stronger advantage is widening access to top pre-IPO names inside existing brokerage workflows.

The market is heading toward private assets that trade with more software and less human handling. The winners will be the products that compress minimums, paperwork, and settlement time while fitting into existing broker, fund, and custody systems. On-chain rails can help, but the main prize is making private markets behave more like public ones.