Founders end up running a perpetual administrative program instead of shipping product.Today, even sophisticated tokenized-asset efforts suffer from the same structural issues:
- Fragmented operating stack: legal structuring, onboarding, compliance checks, registries, corporate actions, distribution, reporting, and settlement are stitched together across vendors and spreadsheets.
- Siloed workflows: each institution runs its own systems; coordination across firms is slow, bilateral, and expensive.
- Post-issuance pain dominates: liquidity provisioning, vesting/lockups, transfers, servicing, coupon/fee distribution, reconciliations, and audits consume more time than the initial “launch.”