Ripple’s Schwartz Reacts to Passing of Ondo Finance Founder

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.

There has been an outpouring of grief and tributes from major figures across the cryptocurrency industry, including executives from Ripple and Bitget.

A visionary in DeFi and TradFi

Ondo Finance confirmed Allman’s death in a heartfelt statement earlier today. The statement is focused on his profound impact on the company and the integration of traditional finance (TradFi) with decentralized finance (DeFi).

The firm also announced that it had undergone an immediate leadership transition. Ian De Bode, the firm’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.

Paying tributes

David Schwartz, Chief Technology Officer Emeritus at Ripple, expressed his gratitude for the opportunity to work alongside Allman.

“I’ve had the pleasure of meeting Nathan, and he was truly a thoughtful builder and leader in this industry,” Schwartz stated on X. “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.”

I’ve had the pleasure of meeting Nathan, and he was truly a thoughtful builder and leader in this industry. 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. https://t.co/WagXaBRRe5

— David ‘JoelKatz’ Schwartz (@JoelKatz) May 26, 2026

Ondo recently completed a major institutional pilot on the XRP Ledger.

Gracy Chen, CEO of the crypto exchange Bitget, shared a touching personal anecdote about meeting Allman before 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.”

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