The crypto world has long flirted with the idea of true onchain ownership, moving beyond mere derivatives or wrapped assets. Caesar, the AI co-research platform, is now taking a concrete step toward making that a reality for a crypto-native company. Partnering with Centrifuge, Caesar is aiming for the first onchain equity issuance where the token is the security, not just a representation of it.
The significance here lies in the infrastructure Centrifuge is bringing to the table: its SEC-registered transfer agent capabilities deployed directly onto the blockchain. For years, the friction between the rapid, code-driven world of Web3 and the paper-heavy, regulated structure of traditional corporate finance has been a major bottleneck for startups wanting to scale compliantly. Caesar’s move suggests that bottleneck might finally be getting a bypass.
The implications for token-native startups are substantial. If successful, this sets a precedent for how companies born in the crypto ecosystem can mature into investor-ready entities without abandoning their onchain roots. Mark McKenzie, Founder of Caesar, frames it as bridging crypto communities with traditional equity ownership, achieving compliance without sacrificing decentralization.
This contrasts sharply with many existing tokenized assets, which often function as IOUs or mirrored values. Here, the onchain token grants actual shareholder rights, managed and transferred via smart contracts that mirror the functions of a traditional transfer agent – issuance, transfers, and recordkeeping – all automated and transparent on a public ledger.
Centrifuge isn't new to tokenization, having already processed over $2 billion in institutional assets. However, this pivot from asset management rails to corporate finance rails—potentially enabling onchain IPOs and private placements—marks a significant expansion of their mission. As Anil Sood of Centrifuge notes, this is about creating a "structural blueprint" where Web3 openness meets Fortune 500 legal robustness.
While the market for tokenized assets has ballooned past $30 billion in 2025, driven by major institutions, Caesar’s play targets the issuer side of the equation for crypto-native firms. It’s a crucial test case: can the composability of DeFi truly merge with the rigor required for mainstream corporate capitalization? If Caesar and Centrifuge pull this off, the pathway for the next wave of AI and crypto ventures to structure their ownership could look fundamentally different.
