Former Head of Metaverse at JPMorgan Joins Apollo Global Management
Christine Moy, who headed the metaverse department of the Onyx blockchain division at JPMorgan, joined Apollo Global Management with $450 billion in assets. She will invest in Web3 startups, writes Bloomberg.
The top manager received partner status and headed the digital assets strategy department.
Moy left JPMorgan in February 2022 after working at the financial holding for 18 years.
Apollo Global Management is interested in a wide range of projects, including those that have a token. The purchase of the first cryptocurrency and other digital assets, if there is no operating business based on them, is not expected.
“We are not only looking at bitcoin, but also at real use cases such as custodians, securitization and marketplaces. We believe in the digital asset ecosystem and its potential to broadly transform the financial services industry.” – said John Zito, deputy CIO of the company.
According to an Apollo representative, products such as lending, payments, insurance, and content royalties are waiting for change. Digitally, it is also possible to carry out securitization and KYChe added.
A firm’s investment typically ranges from $50 million to $250 million.
Recall that in April 2022 Goldman Sachs gave out the first loan backed by bitcoin. Prior to this, similar products were offered by digital asset-friendly banks. Signature and Silvergate.
Shortly before this, a representative of the organization informed on the start of experiments in the field of tokenization of real assets and NFTs in relation to financial instruments.
Formerly Goldman Sachs called blockchain is the foundation of the metaverse.
The potential of this market was also noted Bank of America, Citibank and JPMorgan. Last in February 2022 opened a representative office blockchain platforms Onyx in Decentraland.