Apollo Hires Leader for Crypto Investments Team

Apollo Global Management has taken a major step toward large-scale investment in digital assets. CoinDesk reports that the privately held giant has made a strategic hiring related to planned investments of $ 50 million to $ 250 million at a time in blockchain and Web3 projects with high revenue potential. Apollo has hired a nearly 20-year veteran at JPMorgan to lead its new digital asset strategy.

With more than $ 500 billion in assets under management, Apollo is a leading private equity firm with the potential to sink much more than its initial investment if all goes well. Here’s a closer look at what’s happening at Apollo as it prepares to invest in cryptocurrency-related assets for the first time.

Keys to take

  • Apollo Global Management has hired an 18-year veteran of JPMorgan to lead its digital assets strategy.
  • The big private equity firm is looking to invest in $ 50 million to $ 250 million.
  • Such large investments can shape the future of the cryptocurrency industry.

Apollo hires a JPMorgan executive to lead the digital assets strategy

In February 2022, a cryptocurrency executive at JPMorgan announced that he was leaving the bank after 18 years for an unspecified opportunity. According to a LinkedIn post by executive Christine Moy, she “launched JPM as the first metaverse bank,” among other major achievements related primarily to cryptocurrency, blockchain, and digital asset projects. His mysterious opportunity was a position as a leader in digital asset strategy at Apollo Global Management.

Apollo hired Moy as a partner with the digital asset holder. In an interview with Bloomberg, John Zito, Apollo’s deputy director of credit investments, shared that Apollo will look for multiple opportunities to invest in blockchain ad Web3 projects. Bitcoin is an unlikely target, he said, as Apollo focuses more on revenue-generating investment opportunities. Zito added that the company “will write $ 50 checks [million] $ 250 million ”for blockchain-related projects. This indicates that Apollo could invest billions under Moy’s leadership.

About Apollo Global Management and Christine Moy

Apollo is a large private equity investment firm that ended the first quarter of 2022 with $ 513 billion in assets under management. Apollo was founded in 1990 and employs more than 2,100 people worldwide. It operates three primary investment strategies, which it refers to as yield, hybrid, and capital.

Moy is a graduate of Brown University. Previous titles at JPMorgan include Global Metaverse Head and Global Onyx Link Head by JP Morgan. Prior to her posts in the Onyx division, she worked as the global head of blockchain and crypto.

The starting point

The incorporation of a blockchain and cryptocurrency chain leader with the knowledge and experience of one of the largest banks in the world indicates that Apollo Global Management is taking the future of the blockchain seriously. While you may not be interested in buying Bitcoin directly, Apollo’s deep pockets give you the power to influence the future of the cryptocurrency industry. Apollo could play the role of kingmaker if it chooses a specific company or a blockchain project for investment, giving new cryptographic projects new funds for growth.

What is the digital asset framework?

The digital asset framework refers to the criteria that a cryptocurrency must meet in order to be listed on an exchange. The digital asset framework is publicly published and allows both developers and currency holders to understand why an asset can be traded or not on a specific platform.

What is C-suite?

C-suite, or C-level, is a widely used vernacular language that describes a group of a corporation’s top executives. C-suite gets its name from the titles of senior executives, who usually start with the letter C, for “boss”, as CEO, CEO, CFO, Chief Operating Officer (COO), and Chief Information Officer. (CIO).

What is a cryptocurrency?

A cryptocurrency is a digital or virtual currency that is protected by cryptography, making it almost impossible to counterfeit or double spend. Many cryptocurrencies are decentralized networks based on blockchain technology, a distributed ledger that is implemented over a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, which makes them theoretically immune to government interference or manipulation.

Source link

Leave a Comment

Your email address will not be published.