What CFG holders are being offered
The core of the proposal is straightforward: CFG holders would be able to trade their tokens for equity in Centrifuge. That changes what CFG represents. Tokens are typically used for governance votes, staking, or paying fees — a utility role that keeps them inside the protocol's own ecosystem. This proposal attaches an ownership claim to the asset, something few crypto tokens offer. Instead of a token that powers a network, CFG would become a token that points at the company behind it.
A bridge between two financial systems
Crypto and traditional finance have been circling each other for years, but the connection is usually at the level of products — tokenized funds, stablecoins, digital bonds. Centrifuge's plan goes further by making the token itself a vehicle for equity. It's a direct bridge between the two systems, and it could set a template for other projects considering the same move. If the conversion works as proposed, it gives a crypto asset a traditional financial instrument at its core.
The compliance question
Equity is regulated territory. A token that converts into company
