Apollo Global Management (APO) is moving deeper into crypto, striking a deal that could make the $938 billion asset manager a major token holder in a decentralized lending platform.
The firm signed a cooperation agreement with the Morpho Association, the French non-profit organization behind the Morpho protocol, that allows Apollo and its affiliates to buy up 90 million tokens tokens over the next four years.
The purchases may take place through open-market buys, over-the-counter transactions and other arrangements, and are subject to ownership caps and transfer restrictions. Galaxy Digital UK acted as exclusive financial adviser to Morpho, according to the document.
Beyond the token purchases, Apollo and Morpho said they…
