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Inside JP Morgan's $3T tokenization machine, with Dennis Cristallo, Head of Wealth Management at Kinexys, JPMorgan

Dennis Cristallo, Head of Wealth Management at Kinexys, JPMorgan, at publication

2026-06-08 · Marc Baumann and Sangam Bharti

Dennis Cristallo discusses JPMorgan's work on tokenization and the development of Kinexys. The conversation follows the move between private and public blockchain infrastructure, the Fundflow pilot, money-market fund applications and the role of deposit tokens. It also considers the user experience and operational barriers that can determine whether an institutional project becomes useful to clients. Reported volumes and pilot results remain tied to their original scope and date.

In this conversation

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Chapters

  1. 00:00 — Introduction
  2. 01:00 — Why JP Morgan Started Building On Chain
  3. 03:39 — The $400 Trillion Tokenization Opportunity
  4. 06:17 — From Onyx To Kinexys
  5. 07:45 — Blockchain vs Crypto Inside JP Morgan
  6. 09:35 — Public vs Private Blockchains
  7. 12:53 — Kinexys Fundflow Explained
  8. 17:31 — Why Tokenization Matters
  9. 18:42 — JP Morgan's MONY Fund
  10. 22:10 — Deposit Tokens vs Stablecoins
  11. 24:15 — The Stablecoin Endgame
  12. 25:33 — Tokenized Private Markets
  13. 28:47 — What Is Actually Holding Tokenization Back
  14. 28:59 — Multi Chain Strategy
  15. 31:09 — Wealth Management In Five Years
  16. 32:55 — Lessons From Building Blockchain At JP Morgan
  17. 33:50 — Lightning Round

Chapter labels and timestamps follow the publisher’s episode notes.