Robinhood to Add Voting Rights and Share Redemptions to Stock Tokens After Criticism
Robinhood plans to add voting rights and share redemption features to its stock tokens following criticism, according to CoinDesk.
Robinhood crypto chief Johann Kerbrat said on Monday that in-kind redemption and voting are on the roadmap for Robinhood Stock Tokens, according to The Defiant. The base prospectus currently governing the tokens states that holders are not entitled to physical delivery of the underlying shares and have no voting rights, though The Defiant reported the final terms allow for changes.
Separately, Robinhood CEO Vlad Tenev said issuers should be involved in tokenized products only when those products alter shareholder rights or company obligations, according to Cointelegraph. Tenev said issuers should not have a say when tokenized instruments are simply separate products backed by shares they hold, Cointelegraph reported.
The comments come as Robinhood faces scrutiny over the rights afforded to holders of its tokenized equity products compared with traditional shareholders.
Sources: Cointelegraph, The Defiant, CoinDesk
This article is for information only and is not financial advice.
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