The technology underpinning crypto-assets – distributed ledger technology (DLT) – has been talked about as having the potential to advance financial inclusion. This article analyses this potential, by using the literature on the underlying reasons for financial exclusion and what has worked; then juxtaposing that against the advantages of DLT and how they could be relevant in addressing the underlying reasons. The article concludes with high-level reflections on the challenges in realising the potential of DLT and the risks.