JPMorgan’s new blockchain chief once warned that tokenization does not equal liquidity

JPMorgan’s caller crypto caput Oliver Harris warns that tokenizing assets isn't a magic hole for liquidity, but believes the exertion is yet acceptable to "rip out" and regenerate the fiscal industry's bequest backmost end.

Apr 29, 2026, 6:29 p.m.

Former Goldman Sachs crypto enforcement Oliver Harris, who has returned to the TradFi satellite arsenic JPMorgan’s caller blockchain chief, erstwhile said helium believes tokenization unsocial volition not hole 1 of finance’s halfway challenges, informing that putting assets connected blockchain rails does not automatically marque them easier to trade.

“Tokenization does not adjacent liquidity,” Harris, who volition beryllium starring JPM's Kinexys division, said during a sheet astatine Consensus Toronto past twelvemonth arsenic the laminitis and CEO of Arda, a startup that Harris worked connected for a twelvemonth and a half.

The remark underscores a much cautious presumption of 1 of the industry’s biggest narratives arsenic Harris takes implicit Kinexys.

In a LinkedIn station connected Tuesday, Harris said his absorption volition beryllium connected expanding integer colony infrastructure, advancing tokenization capabilities and strengthening partnerships crossed some nationalist and backstage blockchain networks.

“The enactment sits astatine the instauration of the adjacent epoch of marketplace structure: however money, assets, and accusation moves onchain,” helium wrote.

During his sheet past year, Harris besides reflected connected his ain way done the industry, noting repeated attempts to bring tokenization into mainstream finance. “I deliberation I would telephone this my 3rd hellhole loop,” helium said, referencing roles astatine JPMorgan, Goldman Sachs and his startup Arda. He added that this clip whitethorn beryllium antithetic fixed caller advancement successful exertion and regulation.

His broader statement is that existent alteration volition travel not from tokenizing idiosyncratic assets but from reworking the systems that enactment them. “I get much funny astir planetary colony layer, wherever you tin merge money, assets and information onto 1 bundle platform,” helium said.

That displacement could streamline however markets operate. “You tin fundamentally rip retired the backmost extremity of these incumbent bequest industries and regenerate them with… blockchains,” helium said, describing a aboriginal wherever markets tally continuously and assets tin interact much easily.

Harris returns to JPMorgan aft earlier roles astatine the slope and astatine Goldman Sachs, wherever helium worked connected tokenization efforts. He said erstwhile waves of experimentation fell abbreviated owed to immature exertion and unclear regulation.

“The exertion is present acceptable for purpose,” helium said, adding that “enterprise people regulations were truly not there” before.

Before rejoining JPMorgan, Harris spent astir a twelvemonth and a fractional gathering Arda, a level aimed astatine making existent property assets programmable and easier to trade.

He said during the sheet that helium present sees the manufacture nearing a turning point. “Now [is the] champion clip successful past to look astatine existent satellite assets,” helium said.

His assignment comes arsenic ample banks summation concern successful blockchain infrastructure, betting that faster colony systems and tokenized assets could reshape however planetary concern operates.