As it deepens its relationship with the FinTech Figure, Apollo Global Management says a new fund will be made accessible on a public blockchain.
According to a Tuesday Bloomberg News article, Apollo and Hamilton Lane are starting their investing operations using a platform on Figure and a blockchain technology called Provenance. Mike Cagney, the CEO of Figure, said that the IPO will be a part of Apollo’s digital asset strategy.
“It’s the beginning of what we believe will be a systemic trend of funds migrating onto the blockchain,” claims Cagney. It is not cryptography. It is making use of blockchain in the way that it was intended: to do away with middlemen from markets.
According to Bloomberg, Apollo and Figure are working together on many projects, including the origination, transfer, and securitization of house loans. Marc Rowan, CEO of Apollo, stated that the Figure collaboration will employ blockchain technology to save costs and deliver more readily available data.
Several venture capitalists and investors praised blockchain technology earlier this week for its capacity to reliably transfer assets at scale between parties without the need for a middleman and for its disruptive potential to record transactions on an immutable ledger that also doubles as a public database.
