Ondo Finance has hired former Invesco ETF executive and Grayscale CEO John Hoffman to expand its tokenized investment products beyond stocks and Treasury notes.
Hoffman joins the firm as managing director and head of product portfolios after serving as head of distribution and partnerships at Grayscale Investments, best known for its digital asset funds. Prior to that, he spent nearly two decades at $2.5 trillion asset manager Invesco, where he most recently led the firm’s ETF and index strategies business in the Americas.
It will aim to create and distribute tokenized portfolios, including investment baskets developed with asset managers and strategies based on Ondo’s existing products.
The hiring points to Ondo’s plans to move beyond tokenized versions of individual assets toward investment products managed on blockchain rails.
“Our next step is to build the world’s most trusted platform for intelligently managed on-chain investment portfolios,” Hoffman told CoinDesk in an interview.
“It took 30 years for ETFs to go from a niche product to the default vehicle,” he said. “On-chain finance will dramatically reduce that timeline. The infrastructure is here and the next generation of wallet products will be built on-chain.”
