Yes, my observation is simple and even simplistic: Very few investors are buying tokenized securities. That’s a business trend that is holding back related tech — including exchange. Over the last six months I have visited six exchanges including OpenFinance, and have learned that they aren’t ramping up on STs because don’t see product to bring on board that will attract traders. Many of them are intending to make some money on listing fees (the ICO model), but token issuers aren’t buying listings because they aren’t bringing in much money from securities sales, and because the investors that do buy are happy with the old paper subscription agreements and aren’t asking for the tradable tokens.

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