Apollo Global Management, a high-growth, global alternative asset manager, and Figure Technologies, transforming financial services through blockchain, announced that affiliates of Apollo and Figure have agreed to collaborate on a series of blockchain-enabled initiatives.
As part of the agreement and consistent with Apollo’s agenda, the firm has made a strategic decision to work with Figure on practical applications of the Provenance blockchain across the investment lifecycle through projects such as an on-chain fund listing, asset securitization and digital marketplaces.
“We’re highly focused on integrating technologies throughout our platform that can make us better and more efficient across all parts of the investment lifecycle – from capital raising and marketing to investment origination and value creation. We are excited to work with Mike and his team at Figure on a number of initiatives using Provenance blockchain technology specifically developed for our industry. This collaboration extends Apollo’s strategy of working with best-in-class fintech firms to seek the operational and cost benefits that blockchain and other technologies can bring to bear,” said John Zito, Senior Partner and Deputy CIO of Credit at Apollo.
Apollo chose Figure for its focus on and knowledge of financial services. Figure helped develop Provenance, an open-source blockchain technology specifically designed for the finance industry and use across multiple asset classes and markets. The Company provides a range of blockchain-enabled solutions for institutions and individuals, including digital fund services that simplify fundraising, distribution, and secondary trading for the private fund market. The firm, led by Founder and CEO Mike Cagney, has pioneered production solutions across lending and payments in blockchain, including the first securitization on the Provenance blockchain in March 2020.
“Apollo’s size, scale and expertise, coupled with Figure’s blockchain applications built on Provenance Blockchain, have the potential to transform financial services. We’re collectively pursuing innovative blockchain solutions in fields such as lending and securitization, payments and exchanges. Apollo is focused on blockchain disruption, and we couldn’t have asked for a better team to be an early adopter of blockchain technology and to help migrate the broader industry to its use. This collaboration is timely, with the potential to leverage the expertise of the Apollo team as Figure prepares to launch a decentralized blockchain marketplace,” Mike Cagney, co-founder and CEO of Figure.
The partnership agreement is part of Apollo’s strategic focus on fintech innovation, which includes studying, testing and applying new technologies across its investment platform to best serve the financial return and retirement income needs of a growing global pool of investors.