Key Takeaways
- Moy’s role will be crucial in Apollo’s plan to invest in digital asset startups and their founders.
- This executive has recently assisted JPMorgan in becoming the first bank to create a virtual lounge within the metaverse.
Christine Moy will be joining Apollo Global Management in the coming weeks to head its digital asset strategies. This role was created by the company to dive deeper into the sector.
Apollo, founded in 1990 is a business that manages alternative assets. As of December 31, 2021, the company will have approximately $500 billion under its management. Moy will start working at the firm in mid-May.
“Christine will lead digital asset strategy across the firm, exploring more ways to apply blockchain technologies to our business,” Blockworks spoke to an Apollo spokesperson. “She’ll also play a key role in our strategy to invest in the most innovative digital asset companies and founders, with a specific focus on those transforming the financial services sector, where Apollo can serve as a validator and enabler of new technologies.”
This hire is a continuation in efforts by the company to finance companies, protocol and other projects within the sector.
Apollo, for instance, chose to work with the fintech firm Figure last year on a number of initiatives based on blockchain technology and contributed $200 million in Series D financing.
Moy is moving to a new position after 18 years of service at JPMorgan. According to her LinkedIn page, she most recently led the company’s crypto, blockchain and metaverse strategies, including leading initiatives for digital assets, tokenized payment, Internet-of-things (IoT), digital collectibles, and virtual worlds.
She was also the leader of blockchain network Liink. This data marketplace enables financial institutions to make cross-border payment for corporates and corporations.
Moy was responsible for the creation of the virtual lounge at JPMorgan in the blockchain-based Decentraland, and became the first bank in the world to implement it. The “Onyx lounge” The bank also released a report that outlined the metaverse’s growth potential for business and its causes. “explosive interest.”
During the same period, the bank reported in its report that it was likely the metaverse would infiltrate all sectors in one way or another in the following years. They estimated a market potential of more than $1 trillion a year in revenues.
Though JPMorgan Chase CEO Jamie Dimon has criticized crypto in recent years — calling bitcoin “worthless” — he recognized the potential of blockchain technology in a recent shareholder letter. Dimon noted that the bank uses Liink, which allows banks to exchange complex information. It also makes use of blockchain technology to transfer tokenized US dollars deposits through JPM Coin.
“Decentralized finance and blockchain are real, new technologies that can be deployed in both public and private fashion, permissioned or not,” He wrote. “We believe there are many uses where a blockchain can replace or improve contracts, data ownership and other enhancements; for some purposes, however, it is currently too expensive or too slow to be deployed.”
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