The cryptocurrency industry is mourning the tragic and unexpected passing of Nathan Allman, the founder of the prominent real-world asset (RWA) tokenization protocol Ondo Finance.
An outpouring of grief and tributes has emerged from major figures across the cryptocurrency space, including executives from Ripple and Bitget.
Ondo Finance confirmed Allman's death in a heartfelt statement, focusing on his profound impact on the company and on the integration of traditional finance (TradFi) with decentralized finance (DeFi).
The firm also announced an immediate leadership transition. Ian De Bode, the company's longtime President, will now step into the role of CEO. Continuing to build what Allman started is "the most meaningful way we know to honor him," Ondo Finance stressed.
David Schwartz, Chief Technology Officer Emeritus at Ripple, expressed his gratitude for the opportunity to have worked alongside Allman.
"I've had the pleasure of meeting Nathan, and he was truly a thoughtful builder and leader in this industry," Schwartz wrote on X on May 26, 2026. "We were grateful for the opportunity to work with him and for his partnership. Our thoughts are with his family and the entire Ondo team."
Ondo Finance had recently completed a major institutional pilot on the XRP Ledger, underscoring the close working relationship between the two organizations.
Gracy Chen, CEO of crypto exchange Bitget, also shared a touching personal anecdote about meeting Allman ahead of the launch of the ONDO token in 2023. She recalled recognizing his immense potential as a Wall Street veteran who was also highly knowledgeable about crypto.
"Over the next two years, we achieved so much together," Chen wrote. "In his afterlife, I like to think he's still envisioning how TradFi and DeFi can work together."
Why it matters
Ondo Finance is one of the leading real-world asset tokenization protocols and had recently completed a major institutional pilot on the XRP Ledger, making the continuity of its operations relevant to its institutional partners.
The immediate transition of leadership from the founder to the company's longtime President reflects a structured succession process at a prominent DeFi protocol at a moment of unexpected loss.
