Ethereum Institutional appoints US head to drive bank adoption
The nonprofit Ethereum Institutional has appointed David Duong as its head of US to engage financial institutions. The organization aims to provide a neutral counterpart for banks evaluating Ethereum for tokenization and stablecoins.
Ethereum Institutional, a nonprofit launched in July 2026, has appointed David Duong as its head of US. The organization is led by David Walsh, Mario Smith, and Matthew Dawson, and is backed by investors including Bitmine, Sharplink, and Joe Lubin. Its mission is to serve as a neutral front door for financial institutions, banks, and asset managers evaluating Ethereum for the tokenization of funds and stablecoins.
Duong, formerly the global head of research at Coinbase Institutional, stated that the organization addresses gaps left by the Ethereum Foundation, which is focused on core protocol development. Ethereum Institutional handles institutional concerns such as compliance, custody, and settlement finality. The team is currently prioritizing engagement with banks and asset managers to drive demand for tokenized assets, aiming to make on-chain financial plumbing more efficient and cost-effective. Duong argued that institutions need a dedicated, neutral counterpart to navigate the technical and regulatory complexities of Ethereum, a role the Ethereum Foundation is not equipped to provide. He noted that institutions needed a dedicated counterpart that speaks their language.