Private investment giant Apollo Global Management is launching a new digital asset strategy and has turned to J.P. Morgan Chase veteran Christine Moy for help.
As Bloomberg reported Thursday (April 28), Moy has been named a partner at Apollo following 18 years at J.P. Morgan, where she oversaw the firm’s blockchain product Liink before stepping down earlier this year.
Launched in October 2020, Liink is part of J.P. Morgan’s Onyx division, which pioneered one of the world’s first blockchain-based platforms for wholesale payments transactions, according to its website. Onyx’s production-grade, scalable peer-to-peer (P2P) blockchain network was developed to solve problems and meet the needs of financial institutions.
Read more: JPMorgan’s Blockchain Network Liink Head Christine Moy Exiting Company
Moy will be the first head of digital asset strategy at Apollo, which she told Bloomberg “is best positioned to build and invest in the businesses that will propel us into the next phase of the web3 economy.”
Apollo is going to seek a range of investments in blockchain and Web3, but is unlikely to delve into bitcoin, tokens or protocols unless they are tied to revenue-generating businesses, John Zito, deputy chief investment officer of credit, said in an interview with Bloomberg.
“We’re looking beyond Bitcoin to real-world use cases like asset custody, securitizations and marketplaces,” he said, adding that Apollo will make investments of $50 million to $250 million.
Moy stepped down from her role at J.P. Morgan in February, thanking the company’s leadership and her mentors for empowering her to “take risks, experiment, take long shots, and build an authentic team culture.”
See also: JPMorgan Uses Liink Network To Help FIs Innovate Payments Economics
In an interview last year with PYMNTS’ Karen Webster, Moy spoke of blockchain as the linchpin technology for a global ecosystem of banks and businesses.
“If you don’t want to create a central honeypot of data that basically is ‘collapsing’ all of the largest banks’ data flows in the world, there’s an opportunity to leverage some of the new technologies like blockchain that enable [secure] point-to-point communication,” Moy said.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More