Bitfinex Blog/
The Token Identity Crisis
Three crypto projects—Centrifuge, Backpack, and Figure—are exploring different methods to bridge the gap between governance tokens and corporate equity. Centrifuge is proposing a voluntary swap of CFG tokens for equity, Backpack is offering conditional equity rights to BP token stakers, and Figure has launched SEC-registered public equity (FGRS) natively on the blockchain.
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Why It Matters
These initiatives represent a shift toward formalizing value accrual and ownership rights in crypto, potentially attracting institutional capital by aligning token holders with corporate equity, while navigating complex regulatory frameworks.