Today alternative asset manager Apollo Global Management announced a deal with Figure Technologies to collaborate on blockchain initiatives. Figure founded the Provenance blockchain, which is used for various financial applications, including asset backed securities (ABS), managing cap tables for stocks and, more recently, payments. In May, Figure raised $200 million at a $3.2 billion valuation. The company was founded by Mike Cagney, who also founded SoFi.
The deal with Apollo is to list funds on the blockchain, asset securitization and digital marketplaces. Figure started by originating mortgages, or more specifically Home Equity Loans and Home Equity Lines of Credit (HELOCs), and it created a digital marketplace on the Provenance blockchain to sell on HELOCs. It has since expanded to enable others to originate loans and created a marketplace for equities and funds after getting SEC clearance as an Alternative Trading System (ATS).
“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.
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