One of the world's largest private equity investment firms with $498 billion in assets under management, Apollo Global Management, has made a major push into crypto by hiring former JPMorgan (JPM) executive Christine Moy to be its first head of digital assets strategy, the company said Thursday. Bloomberg first reported the news.
- "In this newly created position, Christine will lead digital asset strategy across the firm, exploring more ways to apply blockchain technologies to our business," Apollo said in a statement emailed to CoinDesk. "She’ll also play a key role in our strategy to invest in the most innovative digital asset companies and founders, with a specific focus on those transforming the financial services sector where Apollo can serve as a validator and enabler of new technologies."
- Moy spent 18 years at JPMorgan Chase and gained a reputation as one of the most crypto-forward executives in the industry. Most recently, she was made head of crypto and metaverse at JPMorgan, and was behind the bank’s audacious arrival in Ethereum-based Decentraland.
- Moy announced in February she was leaving JPMorgan for an unspecified opportunity.
- According to Bloomberg's report, Apollo will look for investment opportunities in blockchain and Web 3, but will not be funding projects that don't have high revenue generation potential. Investments will range between $50 million and $250 million, according to the report.
- Apollo is looking beyond bitcoin (BTC), "to real-world use cases like asset custody, securitizations and marketplaces,” John Zito, deputy chief investment officer of credit, told Bloomberg.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.