Ship or Die at Accelerate 2025: Fireside Chat - Jito & Brevan Howard

In a revealing fireside chat at Accelerate 2025, Tom Uhm, former Jane Street executive and newly appointed Chief Commercial Officer at Jito, shares insights on his transition to crypto full-time and the future of institutional adoption in the space.

Summary

Tom Uhm, who recently joined Jito as Chief Commercial Officer after a 22-year tenure at Jane Street, discusses his decision to return to crypto full-time and why he chose Solana and Jito. Uhm draws parallels between Jane Street's role as a critical infrastructure provider for traditional financial markets and Jito's function in the Solana ecosystem.

The conversation delves into the current state of institutional involvement in crypto, highlighting a shift towards more resilient and committed participation from major institutions. Uhm emphasizes the importance of exit liquidity and market depth for institutional traders, and how improved infrastructure can facilitate greater institutional adoption.

The discussion also touches on the concept of public-private partnerships in crypto, drawing comparisons to traditional financial markets. Uhm provides insights into how Jito is working to enhance the Solana ecosystem's performance and user benefits through various products and services.

Key Points:

Tom Uhm's Transition to Crypto Full-Time

Tom Uhm, after spending 22 years at Jane Street, made the decision to leave and join Jito as Chief Commercial Officer. This move was driven by his passion for the crypto space and the realization that staying away from it full-time was causing him to miss out on important developments. Despite initially planning to take time off, Uhm found the decision to join Jito an easy one after meeting the team and seeing their operations.

Uhm's experience at Jane Street, where he was part of the team that started looking at crypto in 2017, provided him with valuable insights into the industry. However, Jane Street's decision to scale back its crypto operations in 2023 due to regulatory concerns led Uhm to explore other opportunities in the space.

Similarities Between Jane Street and Jito

Uhm draws an interesting parallel between Jane Street and Jito, emphasizing that both companies function as infrastructure providers rather than mere trading firms. He explains that Jane Street's role is to assist in the formation of fair, orderly, and efficient markets, much like how Jito aims to enhance the performance of the Solana network.

Jito's products, including its core block engine bundler, restaking solution, and liquid staking token, are designed to improve network performance while sharing rewards with validators and stakers. This approach aligns with Jane Street's philosophy of making markets work better while being compensated for that service.

Institutional Adoption in Crypto

The discussion highlights a significant shift in institutional involvement in crypto. Uhm notes that institutional activity has decoupled from price action, with major institutions now building more resilient teams and infrastructure in the space. This trend represents a marked change from previous cycles where institutional interest waned during market downturns.

Uhm breaks down the concept of "institutions" into more manageable categories: buy-side (investors and allocators), sell-side (banks, prime brokers, and exchanges), and infrastructure providers (trading shops, clearinghouses, and custodians). He emphasizes the importance of understanding and addressing the specific needs of each group to facilitate greater adoption.

Facts + Figures

• Tom Uhm spent 22 years at Jane Street before joining Jito as Chief Commercial Officer
• Jane Street scaled back its crypto operations in the second quarter of 2023 due to regulatory concerns
• Jito offers multiple products including a block engine bundler, restaking solution, and liquid staking token
• Institutional activity in crypto has decoupled from price action, with major institutions building more resilient teams
• Every large institution now has teams of people and a head of digital assets looking at crypto
• The bull case for any project in the space is to grow the user base of Solana

Top quotes

"If you're not full time crypto, the more time you stay away from it, the more remote you get from all of the stuff that was happening."

"Jito is very similar [to Jane Street] in the sense that Jito offers a few different products... The goal is to make the network more performant and not only make the network more performant, but share the rewards that are generated by this activity with the validators with the stakers."

"I think that the institutional story has become much more resilient. And that's just going to help the space, because there's lots of different ways that these institutions can interact with the space now."

"If you're building a project, and you're not focused on increasing the user base, like, you're focused on the wrong thing."

"The more performance you make the network, the more stable you make the network, the more scalable you make the network, the more you build that sort of infrastructure. The easier it is for you to actually contemplate, how are you going to build on this?"

Questions Answered

Why did Tom Uhm leave Jane Street to join Jito?

Tom Uhm left Jane Street after 22 years to join Jito because of his passion for the crypto space. He realized that not being involved full-time was causing him to miss out on important developments in the industry. After Jane Street scaled back its crypto operations in 2023, Uhm felt it was time to make a change and fully immerse himself in the crypto world again.

How are Jane Street and Jito similar in their approach to markets?

Jane Street and Jito are similar in that they both function as infrastructure providers rather than just trading firms. Jane Street aims to assist in creating fair, orderly, and efficient markets in traditional finance, while Jito focuses on enhancing the performance of the Solana network. Both companies work to improve market functionality and share the benefits with participants, whether it's traders in traditional markets or validators and stakers in the Solana ecosystem.

What is the current state of institutional involvement in crypto?

Institutional involvement in crypto has become more resilient and decoupled from price action. Major institutions now have dedicated teams and heads of digital assets who are actively building and investing in the space. This represents a shift from previous cycles where institutional interest waned during market downturns. The current trend suggests a more committed and long-term approach to crypto from institutional players.

Why is exit liquidity important for institutional traders?

Exit liquidity is crucial for institutional traders because it affects their ability to size positions and manage risk. The ease of exiting a position, especially in stress scenarios, directly impacts how much exposure an institution is willing to take. Better exit liquidity allows for larger position sizes and more confidence in entering trades, as traders can be more certain about their ability to close positions when needed.

How can improved infrastructure facilitate greater institutional adoption in crypto?

Improved infrastructure can facilitate greater institutional adoption by making the network more performant, stable, and scalable. This enhanced reliability and efficiency makes it easier for institutions to contemplate building on and investing in the ecosystem. Better infrastructure also supports deeper markets and improved liquidity, which are crucial for institutional participation. By addressing these fundamental needs, projects like Jito can help create an environment that is more attractive and suitable for institutional involvement.