A new fund will be made available on a public blockchain, according to Apollo Global Management, as it strengthens ties with the FinTech Figure.
Using a platform on Figure and a blockchain technology called Provenance, Apollo and Hamilton Lane are beginning their investing activities, according to a Tuesday article from Bloomberg News. According to Figure CEO Mike Cagney, the IPO will be a component of Apollo’s digital asset strategy.
According to Cagney, “it’s the start of what we believe will be a systemic trend of funds migrating onto the blockchain.” This is not crypto. It is utilizing blockchain in the manner in which it was designed: to remove middlemen from markets.
According to Bloomberg, Apollo is collaborating with Figure on projects including home loan origination, transfers, and securitization. According to Apollo CEO Marc Rowan, Figure cooperation would use blockchain technology to save expenses and provide more accessible data.
The ability of blockchain technology to reliably transfer assets at scale between parties without the need for a middleman, as well as its disruptive potential to record transactions on an immutable ledger that simultaneously serves as a public database, are some of the things that were praised in an earlier this week article by a number of venture capitalists and investors.
