Ondo Finance has hired John Hoffman, a former Invesco ETF executive and chief executive of Grayscale, to expand its tokenized investment products beyond stocks and Treasuries.
Hoffman joins the company 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.
Its focus will be on creating and distributing tokenized portfolios, including investment baskets developed with asset managers and strategies built around Ondo’s existing products.
This hire highlights Ondo’s plans to move beyond tokenized versions of individual assets towards 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 move from niche product to default vehicle,” he said. “On-chain finance will significantly reduce this time frame. The infrastructure is there and the next generation of wallet products will be built on-chain.”
