If there are “a number of issues to be addressed” in the future, then perhaps my observation that there are very few buyers NOW is not nonsense. I don’t think that infrastructure is holding back exchange. We have the technology for peer to peer exchange between qualified buyers, and a LOT of exchanges that have said they want to carry tokenized securities, and some, like OpenFinance, that are carrying them. They aren’t picking up more securities because there is no demand. People aren’t trading, so there is no demand for exchange services. Regulation causes problems, but it seems unlikely that there will be any major regulatory changes in the US or China, which takes out half the capital market, and other venues are moving slowly, and regulation was not a big inhibitor to the spread of cryptocurrencies. I think infrastructure is not the problem. People will buy these securities, even with bad infrastructure, if they offer a new business model and good investment returns. The guys that traded bitcoin in parking lots with thumb drives made a bunch of money, and the guys that bought bitcoin with fancy wallets and custodians in 2019 lost money.

SaaS entrepreneur/engineer. Founder of MAXOS, Real World DeFi. Previously founded Assembla, PowerSteering Software, on team at SNL Financial.

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