Introducing Peter Jubber, Venture Partner at tmr Ventures

By Lucas He, Founder & General Partner, tmr Ventures

At tmr Ventures, we believe the next phase of blockchain will be about real-world adoption and deeper integration with the financial system. We invest in founders building the products and infrastructure to make that happen and help connect the startup ecosystem with established financial institutions.

To support this mission, I'm excited to welcome Peter Jubber as a Venture Partner at tmr Ventures.

I've known Peter for several years. Since the early days of tmr Ventures, we've regularly compared notes on the market, emerging technologies, institutional adoption, and the fund's investment thesis. Over time, it became clear that we share a similar view of where the industry is headed, while bringing complementary experiences and networks.

Peter spent more than two decades at Fidelity Investments, holding senior leadership roles across corporate strategy, consulting, asset management, and digital assets. He co-founded Fidelity Digital Asset Management, helping Fidelity develop its digital-asset investment capabilities at an early stage of the market, and later served as Chief Strategy Officer of Fidelity Digital Assets.

That experience gives Peter a rare perspective. He understands how large financial institutions evaluate and adopt new technologies, what it takes to build a new business inside a complex organization, and what early-stage companies need to do to become credible partners to institutional clients.

We see significant opportunities across tokenization, stablecoin-enabled financial products, digital-asset market infrastructure, and the intersection of AI and financial services. As a Venture Partner, Peter will contribute to tmr's investment process, work with portfolio companies on institutional products and go-to-market strategies, and help strengthen the firm's relationships across financial services and the digital-asset ecosystem.

Welcome to tmr Ventures, Peter.

tmr Ventures: You were involved in digital assets before institutional participation began to grow. What has changed—and what still needs to be figured out?

Peter Jubber: Things have evolved considerably. In the early years, much of the discussion was about whether digital assets were a durable asset class and whether financial institutions should participate at all. Bitcoin and custody were often the starting points.

Today, the conversation is much broader and more practical. Institutions are increasingly asking how blockchain-based infrastructure, tokenized assets and stablecoins might fit into their existing businesses and operating models. The focus is moving from experimentation toward identifying use cases with real economic value—better products, more efficient market infrastructure, improved settlement and collateral mobility, and new ways to move money.

There is still a meaningful gap between experimentation and scaled adoption, but the questions being asked are much more sophisticated than they were several years ago.

tmr Ventures: What did building a digital-asset business inside Fidelity teach you about how innovation happens in a large institution?

Peter Jubber: One of the biggest lessons is that the technology is often only one part of the challenge.

To build something genuinely new inside a large financial institution, you need to bring together technology, regulation, risk management, operations, distribution and organizational support. A compelling idea is not enough. You must create confidence that it can operate safely, scale effectively and ultimately solve a meaningful client or business problem.

Large institutions have tremendous advantages: trusted brands, distribution, capital, regulatory expertise and established client relationships. The challenge is finding ways to combine those advantages with the speed and experimentation that new technologies require.

For founders, that distinction matters. A successful institutional pilot isn't the same as adoption. The real test is whether there's a clear budget owner, whether the product can get through procurement and integration, whether it meets institutional control standards, and whether it creates enough value for the client to change how it works.

tmr Ventures: How do you tell the difference between a durable investment opportunity and an interesting blockchain use case?

Peter Jubber: A useful technology doesn't automatically create a valuable company, and a growing market doesn't guarantee that value will accrue to a particular participant. I'd start with a few basic questions.

What problem is being solved, and is it important enough that someone will pay to solve it? Why is blockchain—or a blockchain-enabled architecture—meaningfully better than the alternatives? Who controls distribution? Where does the value accrue: to the company, the protocol, the token, the network, or another intermediary? What needs to be true for the product to move from experimentation to scaled adoption? And does the company have a defensible advantage once larger competitors enter the market?

In institutional markets, I'd also look at the gap between technical feasibility and commercial adoption. A product can work extremely well and still face a multiyear sales cycle, complicated integration, unclear regulation, or dependence on market infrastructure that hasn't been built yet.

The strongest opportunities combine a real customer problem, a meaningful technological advantage, credible distribution, and a realistic path to institutional adoption. They don't rely only on the idea that putting an existing asset or workflow on-chain will automatically make it more valuable.

tmr Ventures: Where do you see the biggest opportunities over the next several years?

Peter Jubber: I'm particularly interested in four connected areas.

The first is tokenization, with the focus moving beyond issuance. Creating a tokenized version of an asset is only the beginning. The bigger opportunity is in identifying firms that can capture a durable advantage in the infrastructure needed across the asset's full lifecycle: distribution, identity, transfer agency, collateral management, trading, custody, servicing, reporting, and interoperability.

The second is stablecoin-enabled finance. Stablecoins are becoming an additional settlement and distribution layer for payments, savings, treasury management, cross-border activity, and eventually more complex financial products. The opportunity isn't limited to stablecoin issuers. It also includes the services, controls, applications, and financial products built around those rails.

The third is institutional market infrastructure. As assets and cash become more programmable, we can rethink some of the traditional boundaries between trading, settlement, custody, and asset servicing. That could reduce friction and capital requirements, although any new system will still need to meet high standards for resilience, privacy, compliance, and governance.

The fourth is the intersection of AI and programmable financial infrastructure. AI agents will initiate transactions, manage liquidity, optimize portfolios, and purchase services with much less direct human involvement. Before that can happen at scale, the industry will need to solve difficult questions around identity, authority, permissions, liability, auditability, and risk limits. The infrastructure supporting those agents may be just as important as the agents themselves.

Across all four areas, I'm most interested in founders who understand both what the technology makes possible and what it takes to get people to use it in the real world.

tmr Ventures: What attracted you to tmr Ventures, and what do you hope to contribute as a Venture Partner?

Peter Jubber: I’m drawn to the clarity of tmr's thesis and its focus on practical adoption. The firm is investing where crypto-native innovation meets real financial and commercial activity. That lines up closely with my experience and with my view of where the next generation of important companies will be built.

An emerging venture firm also gives me the chance to contribute in several ways. I hope to help evaluate markets and investments, especially where institutional adoption, financial infrastructure, and regulation are central to the opportunity. I also want to work directly with founders on product strategy, institutional readiness, distribution, partnerships, and the realities of selling into complex financial organizations.

More broadly, I think there's real value in helping two communities understand each other better. Founders can underestimate the constraints institutions operate under, while institutions can underestimate the speed and importance of innovation happening outside their walls. If I can help tmr identify exceptional founders and help those founders bridge that gap, that would be a meaningful contribution.

I've been impressed by Lucas's intellectual rigor, curiosity, and long-term approach to building tmr Ventures. I'm excited to work with him, support the firm's portfolio companies, and invest in the infrastructure and products shaping the next era of financial services.

Peter is the first of several Venture Partners and advisors we will be introducing. More to come.

The views and opinions expressed in this post are those of the author and do not necessarily reflect the official policy or position of tmr Ventures or its affiliates. This content is provided for informational purposes only and should not be construed as investment, legal, or tax advice. Any references to companies or projects are illustrative and do not constitute an offer, solicitation, or recommendation to invest. Past performance is not indicative of future results.