Centrifuge CEO Bhaji Illuminati discusses token versus equity debate
Summary
Centrifuge's CEO, Bhaji, commented in a Bloomberg piece that the market is becoming more disciplined in assessing when a token is appropriate compared to traditional equity structures. This discussion comes as protocols in the crypto space evaluate the governance risks associated with tokens versus the equity models favored by large institutions, which often have restrictions against tokens. As asset managers increasingly leverage tokenization platforms to enhance their integration with onchain markets, the debate over the merits of tokens versus equity is becoming ever more significant.
Analysis
Bhaji: Bhaji Illuminati is CEO and co-founder of Centrifuge as well as co-creator of the RWASummit and TACoalition. She regularly discusses tokenization trends, onchain fund strategies for traditional asset managers, and the balance between tokens and equity for institutional compatibility. In the news, she commented to Bloomberg that the market is becoming more disciplined about token utility in the context of crypto's shift toward equity pivots. Centrifuge: Centrifuge is an open-source decentralized protocol for tokenizing and distributing financial products such as real-world asset funds and credit portfolios across multiple blockchain networks using a hub-and-spoke model. It focuses on enabling asset managers to bring funds onchain with integrations for strategies like vaults and lending markets. In the news, its CEO highlighted growing market discipline in deciding when tokens make sense versus equity structures amid broader crypto discussions on project financing. RWA Onchain Expansion: Asset managers using tokenization platforms are increasingly designing funds to integrate directly with onchain markets and strategies beyond initial issuance. Token vs Equity Considerations: Protocols and projects in crypto are actively weighing token governance risks against equity structures when partnering with large institutions that have mandates restricting token exposure.
Categories
crypto
Related sources
- https://x.com/i/user/1949613926418726912
- https://x.com/centrifuge/status/2110004502841720919
- https://x.com/i/user/272793138
- https://x.com/centrifuge/status/2109701435609014690
- https://cryptobriefing.com/centrifuge-formal-verification-certora-prover/
- https://suit-up.info/institutions/centrifuge/
- https://centrifuge.io/blog/centrifuge-q3-2026-recap
- https://podcasts.apple.com/us/podcast/tradfi-took-over-the-room-with-bhaji-illuminati/id1852293373?i=1000792832448&l=es-MX
- https://www.youtube.com/watch?v=BAgzJO7Qzak
- https://x.com/centrifuge/status/2107885838260646189
- https://docs.centrifuge.io/developer/protocol/overview/
- https://x.com/fintechfrank/status/2106896826129662329
- https://x.com/centrifuge/status/2110697203266416736
- https://x.com/itsbhaji/status/2106756062154252745
- https://x.com/BaseXDaily/status/2106810590354416103
- https://x.com/i/user/1261143490798383104
- https://cryptodaily.co.uk/2026/10/centrifuge-tokenized-credit-funds-circle-arc
- https://szyma.co/en/blog/companies/centrifuge/