Ondo Finance announced the sudden death of co-founder and CEO Nathan Allman on May 25, 2024. The company moved quickly to appoint President Ian De Bode as the new CEO, aiming to keep leadership steady during the transition.
Founder's background and company origins
Allman co-founded Ondo Finance in 2021 after working on Goldman Sachs' Digital Assets team. Under his leadership, the firm focused on tokenizing real-world assets (RWAs) and building decentralized finance products. The company's native token, ONDO, was listed on exchanges including Bitget.
New CEO steps in
Ian De Bode, previously Ondo's President, now holds the top role. The company described the move as a way to ensure continuity. De Bode takes over day-to-day operations and strategic direction effective immediately.
Market reaction and token price
Following the announcement, ONDO dropped 6.5% to $0.41. Despite the dip, the token still holds a 59% gain over the last 30 days, reflecting broader market trends and recent RWA sector interest.
Industry response
Gracy Chen, CEO of Bitget, noted that her exchange had worked with Ondo since 2023, including listing ONDO and supporting the company's RWA strategy. Chen did not comment on Allman's death beyond acknowledging the partnership.
No further details about the cause of death have been released. The company has not announced any changes to its product roadmap or tokenomics.
