https://www.linkedin.com/pulse/dematerialization-20-samuel-tuliebitz-mkgee
Samuel T, Global Head of Business & Corporate Development for Sharegain, considers the different approaches to tokenization in terms of exactly what any issued token really represents, specifically highlighting the approach of Robinhood.
At one end, the token is the security – issued or mirrored through regulated market infrastructure, where the unencumbered claim survives the failure of any single firm.
At the other end, the token is a claim on an entity, and everything depends on the issuer, its custodian, and its balance sheet.