Prometheum is betting that the next phase of tokenized finance will be won not by crypto exchanges, but by traditional broker-dealers and registered investment advisers (RIAs).

“The story of tokenization so far has been about issuance, but no one has addressed the challenge of how to get those products to mainstream investors,” Aaron Kaplan, co-founder and co-CEO of Prometheum told CoinDesk in an interview.

“Until tokenized and digitally-native securities can reach investors through the broker-dealer channels they already use, tokenization is a solution without a market,” he added.

Tokenized securities are traditional financial assets such as stocks, bonds or funds that are issued and traded on blockchain networks as digital tokens…