Private Equity Giant Apollo Hires Crypto Investment Team Leader

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Apollo Global Management has taken an important step towards large-scale investment in digital assets. CoinDesk reports that the private equity giant has made strategic moves to invest between $50 million and $250 million each in blockchain and high-revenue potential Web3 projects. Apollo has hired a nearly 20-year JPMorgan veteran to lead its new digital asset strategy.

Apollo, a well-known private equity firm with over $500 billion in assets under management, could lose far more than its initial investment if all goes well. Here’s what Apollo looked like as it prepared to invest in crypto-related assets for the first time.

Central thesis

Apollo Global Management has hired an 18-year JPMorgan Chase veteran to lead its digital asset strategy.
The large private equity firm plans to invest between $50 million and $250 million.
Such a large investment can shape the future of the cryptocurrency industry.

Apollo hires JPMorgan executive to lead digital asset strategy

In February 2022, a cryptocurrency executive at JPMorgan announced that she would be leaving the bank after 18 years to pursue an unspecified opportunity. According to a LinkedIn post by executive Christine Moy, it “launched JPMorgan as the first bank in a virtual world,” among other major achievements, mostly related to cryptocurrency, blockchain and digital asset projects. Her mysterious opportunity is as head of digital asset strategy at Apollo Global Management.

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Apollo has hired Moy as a partner to head of digital assets. In an interview with Bloomberg, Apollo’s deputy chief investment officer of credit John Zito said that Apollo will explore multiple opportunities to invest in the blockchain advertising Web3 project. Bitcoin is unlikely to be a target, he said, as Apollo is more focused on income-generating investment opportunities. Zito added that the company will issue “checks ranging from $500 million to $250 million” for blockchain-related projects. This suggests that Apollo could eventually invest billions of dollars under Moi’s leadership.

About Apollo Global Management and Christine Moy

Apollo is a large private equity firm with $513 billion in assets under management at the end of the first quarter of 2022. Apollo was founded in 1990 and has more than 2,100 employees worldwide. It operates three main investment strategies called income, hybrid and equity. 4

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Moy is a graduate of Brown University. J.P. Morgan’s previous titles include J.P. Onyx’s global head of Metaverse and global head of Link. Morgan. Before joining the Onyx division, she was Global Head of Blockchain and Crypto.

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Final result

The addition of a knowledgeable and experienced cryptocurrency and blockchain leader from one of the world’s largest banks shows that Apollo Global Management is serious about the future of blockchain. While it may not be interested in buying bitcoin outright, Apollo’s deep pockets give it the ability to influence the future of the cryptocurrency industry. When Apollo selects specific companies or blockchain projects to invest in, it can play the role of kingmaker, providing new growth funding for fledgling crypto projects.

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 released, allowing developers and currency holders to understand why an asset can or cannot be traded on a given platform.

What is the C suite?

C-Suite or C-Level is a common slang term used to describe a group of key executives in a company. C-Suite is named after the title of top management, usually beginning with the letter C, which means “chief”, such as Chief Executive Officer (CEO), Chief Financial Officer (CFO), Chief Operating Officer (COO), and Chief Information Officer (Chief Executive Officer). information officer).

What is cryptocurrency?

A cryptocurrency is a digital or virtual currency protected by cryptography that is nearly impossible to counterfeit or double spend. Many cryptocurrencies are decentralized networks based on blockchain technology – distributed ledgers implemented by different computer networks. A distinguishing feature of cryptocurrencies is that they are usually not issued by a central authority, which makes them theoretically immune to government interference or manipulation.

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