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

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JPMorgan’s new blockchain chief once warned that tokenization does not equal liquidity JPMorgan’s new crypto head Oliver Harris warns that tokenizing assets isn't a magic fix for liquidity, but believes the technology is finally ready to "rip out" and replace the financial industry's legacy back end. What to know: - Oliver Harris, JPMorgan’s new head of its Kinexys blockchain division, once argued that tokenizing assets alone will not solve finance’s liquidity problems. - Harris said the real transformation will come from building a global on-chain settlement layer that unifies money, assets and data on a single software platform. - He said he believes technology and regulation are now mature enough for large banks’ growing investments in blockchain infrastructure to begin reshaping how markets operate. Former Goldman Sachs crypto executive Oliver Harris, who has returned to the TradFi world as JPMorgan’s new blockchain chief, once said he believes tokenization alone will not fix one of finance’s core challenges, warning that putting assets on blockchain rails does not automatically make them easier to trade. “Tokenization does not equal liquidity,” Harris, who will be leading JPM's Kinexys division, said during a panel at Consensus Toronto last year as the founder and CEO of Arda, a startup that Harris worked on for a year and a half. The comment underscores a more cautious view of one of the industry’s biggest narratives as Harris takes over Kinexys. In a LinkedIn post on Tuesday, Harris said his focus will be on expanding digital settlement infrastructure, advancing tokenization capabilities and strengthening partnerships across both public and private blockchain networks. “The work sits at the foundation of the next era of market structure: how money, assets, and information moves onchain,” he wrote. During his panel last year, Harris also reflected on his own path through the industry, noting repeated attempts to bring tokenization into mainstream finance. “I think I would call this my third hell loop,” he said, referencing roles at JPMorgan, Goldman Sachs and his startup Arda. He added that this time may be different given recent progress in technology and regulation. His broader argument is that real change will come not from tokenizing individual assets but from reworking the systems that support them. “I get more interested about global settlement layer, where you can merge money, assets and data onto one software platform,” he said. That shift could streamline how markets operate. “You can basically rip out the back end of these incumbent legacy industries and replace them with… blockchains,” he said, describing a future where markets run continuously and assets can interact more easily. Harris returns to JPMorgan after earlier roles at the bank and at Goldman Sachs, where he worked on tokenization efforts. He said previous waves of experimentation fell short due to immature technology and unclear regulation. “The technology is now fit for purpose,” he said, adding that “enterprise grade regulations were really not there” before. Before rejoining JPMorgan, Harris spent about a year and a half building Arda, a platform aimed at making real estate assets programmable and easier to trade. He said during the panel that he now sees the industry nearing a turning point. “Now [is the] best time in history to look at real world assets,” he said. His appointment comes as large banks increase investment in blockchain infrastructure, betting that faster settlement systems and tokenized assets could reshape how global finance operates. More For You Hyperliquid is gearing up to challenge Polymarket with a zero-fee entry for event betting as the $63 billion prediction market sector continues to explode. What to know: - Hyperliquid published a fee structure for outcome tokens, signaling progress toward offering prediction market-style trading on its platform. - The model charges no fees to open positions, instead applying costs on closing or settlement, with additional incentives for traders using aligned quote tokens. - The rollout is tied to HIP-4, which introduces...

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