Oliver Harris, a former Goldman Sachs executive who has rejoined JPMorgan as its blockchain chief, has expressed skepticism about the notion that tokenization alone can solve the liquidity challenges in finance. Harris, who will be leading JPMorgan's Kinexys division, emphasized that simply putting assets on a blockchain does not automatically make them more tradeable. 'Tokenization does not equal liquidity,' he stated during a panel discussion at Consensus Toronto last year, where he was representing his startup, Arda.
Harris's comment highlights a more measured approach to one of the industry's most prominent narratives as he takes the reins at Kinexys. In a recent LinkedIn post, Harris outlined his focus on expanding digital settlement infrastructure, advancing tokenization capabilities, and fostering partnerships across both public and private blockchain networks. He noted that this work lays the foundation for the next era of market structure, determining how money, assets, and information will move on blockchain.
Harris also reflected on his own journey in the industry, noting his repeated attempts to bring tokenization into mainstream finance. He described his current role as potentially different from his previous endeavors, given the recent advancements in technology and regulation. According to Harris, meaningful change will not come from tokenizing individual assets, but rather from reworking the underlying systems that support them. He expressed interest in creating a global settlement layer where money, assets, and data can be integrated onto a single software platform.
This shift could lead to a more streamlined market operation, where markets can run continuously and assets can interact more seamlessly. Harris believes that this could enable the replacement of legacy industries' back-end systems with blockchain technology.
Having previously worked at JPMorgan and Goldman Sachs, Harris noted that earlier experiments with tokenization fell short due to immature technology and unclear regulations. However, he now believes that the technology has matured and is 'fit for purpose,' with enterprise-grade regulations in place. Before rejoining JPMorgan, Harris spent about a year and a half building Arda, a platform aimed at making real estate assets more programmable and tradeable.
He now sees the industry approaching a turning point, stating that this is the best time in history to explore real-world assets. Harris's appointment comes as large banks increase their investment in blockchain infrastructure, betting that faster settlement systems and tokenized assets could transform the global finance landscape.