> What you need is buy-in from a bunch of old and conservatively run institutions that do not particularly like change. They are currently paying someone to sh

> What you need is buy-in from a bunch of old and conservatively run institutions that do not particularly like change. They are currently paying someone to shuttle certificates/titles/deeds/bonds as a part of settlements. This involves expense and risk and probably gates outstanding trade activity and maybe even the exchange's duty cycle to some extent. There's opportunity to those institutions to save some expense here (taking on [not insignificant] new kinds of risk).