Tokenized real-world assets firm Ondo Finance announced the unexpected death of founder Nathan Allman on Monday, with longtime president Ian De Bode stepping in as CEO. According to the company's announcement on X, "It is with profound sadness that we announce the unexpected passing of Nathan Allman, Ondo's founder. Our hearts are with his family and loved ones." De Bode, who has led strategy, product, and day-to-day operations for over two years, will serve as CEO with the full confidence of the leadership team. As reported by Cointelegraph, De Bode stated, "It's been an incredibly sad day for Ondo Finance. Nate was not only an incredible founder and visionary, but also a very close personal friend. He will be missed dearly."
Allman, a Brown University graduate and former member of Goldman Sachs' digital assets team, founded Ondo in 2021 and died aged 32. As reported by the company, under his leadership, Ondo became a pioneer in tokenized real-world assets, bringing $3.86 billion worth of tokenized real-world assets on-chain in the form of US Treasuries, stocks and commodities. More than 111,680 token holders own tokenized RWAs issued by Ondo. Major products launched during his tenure include USDY, a yield-bearing stablecoin, OUSG, a tokenized U.S. Treasury fund, and tokenized equities through Ondo Global Markets. Before founding Ondo, Allman previously worked in Goldman Sachs' digital asset team and founded the crypto hedge fund ChainStreet Capital, which focused on algorithmic, event-driven trading.
The tokenization movement that Allman contributed to by founding Ondo in 2021 helped capture the attention of Wall Street giants such as BlackRock, who see potential in the technology to make trading and settlement more efficient. As reported by Cointelegraph, Ondo vice president and head of marketing, Ben Grossman, said Allman "was a once-in-a-generation founder and visionary. He was absolutely brilliant, with a vision and drive that shaped the industry and everyone around him. He will be enormously missed." The company said it would continue building what Allman started as the most meaningful way to honor him, with the mission of Ondo remaining unchanged according to De Bode.
According to the company's statement, "Nate's brilliance, humility, and drive shaped every part of what Ondo is today. His belief in the power of technology to create a more open, accessible financial system lives on in everything we build. The impact he had on this industry, and on all of us personally, cannot be overstated." Ondo Finance said it would continue building what Allman started as the most meaningful way to honor him, with the mission of Ondo remaining unchanged. An Ondo spokesperson confirmed that Allman's family has requested privacy at this time.
