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If history is any indication, financial innovation is often the result of catastrophic weather events, wars, or terror attacks.

When the US airspace was closed in the weeks after Sep 11, 2001, the physical clearing of paper cheques became impossible. Subsequently, electronic scans of cheques were allowed.

In 2012, the Depository Trust & Clearing Corporation, which houses the majority of U.S. stocks and bonds, found one of its securities vaults flooded during Hurricane Sandy. Nearly 1.7 million security certificates stored in a lower Manhattan skyscraper were damaged. Subsequently, digital certificates became a thing.

The financial industry, traditionally more tortoise than hare when it comes to innovation, often needs a push to move forward.

Funds on Chain, founded by Volker Braunberger and Johann Hainzinger, is gearing up to be that forceful yet friendly nudge.

The duo’s mission is to take the fund industry into the distributed ledger area.

The incentive for their clients?

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