Apollo enlists JPMorgan Vet in a digital asset project
Private investment giant Apollo Global Management is launching a new digital asset strategy and has turned to JP Morgan Chase veteran Christine Moy for help.
As Bloomberg reported on Thursday (April 28), Moy was named an Apollo partner after 18 years at JP Morgan, where she oversaw the company’s blockchain product Liink before stepping down earlier this year.
Launched in October 2020, Liink is part of the Onyx division of JP Morgan, which launched one of the world’s first blockchain-based platforms for wholesale payments transactions, according to its website. Onyx’s scalable, production-grade peer-to-peer (P2P) blockchain network was developed to solve the problems and meet the needs of financial institutions.
Read more: JPMorgan’s Head of Blockchain Network Liink Christine Moy Leaves the Company
Moy will serve as the first head of digital asset strategy at Apollo, which she told Bloomberg “is best positioned to build and invest in the companies that will propel us into the next phase of the web3 economy. “.
Apollo will seek a range of blockchain and Web3 investments, but is unlikely to dive into bitcoin, tokens or protocols unless they are tied to revenue-generating ventures, said said John Zito, deputy director of credit investments, in an interview with Bloomberg.
“We are looking beyond Bitcoin to real-world use cases like custody, securitizations and marketplaces,” he said, adding that Apollo will make investments of $50-250 million. .
Moy resigned from his role at JP Morgan in February, thanking the company’s management and his mentors for empowering him to “take risks, experiment, make long decisions and create a culture of authentic team”.
See also: JPMorgan uses the Liink network to help financial institutions innovate in the economics of payments
In an interview last year with Karen Webster of PYMNTS, Moy talked about blockchain as the backbone technology of a global ecosystem of banks and businesses.
“If you don’t want to create a central data honeypot that essentially ‘collapses’ all the data streams from the biggest banks in the world, there is an opportunity to leverage some of the new technologies like blockchain that allow [secure] point-to-point communication,” Moy said.