Apollo Global Management made a significant step toward large-scale investments in digital assets. CoinDesk reports that the private equity giant made a strategic hire related to planned investments of $50 million to $250 million at a time in blockchain and Web3 projects with high revenue potential. Apollo hired away a veteran with nearly 20 years at JPMorgan to lead its new digital assets strategy.
In February 2022, a cryptocurrency executive from JPMorgan announced that she was leaving the bank after 18 years for an unspecified opportunity. According to a LinkedIn post from the executive Christine Moy, she “launched JPM as the first bank in the metaverse,” among other major accomplishments related mainly to cryptocurrency, blockchain, and digital assets projects. Her mystery opportunity was a position as the leader of digital assets strategy at Apollo Global Management.
Apollo hired Moy as a partner with the title head of digital assets. In an interview with Bloomberg, John Zito, Apollo’s deputy chief investment officer of credit, shared that Apollo will seek multiple opportunities to invest in blockchain ad Web3 projects. Bitcoin is an unlikely target, he said, as Apollo is focusing more on revenue-generating investment opportunities. Zito added that the firm will “write checks of $50 [million] to $250 million” for blockchain-related projects. This indicates that Apollo could ultimately invest billions under Moy’s leadership.
Read more: Investopedia
