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Apollo, Figure Team at Blockchain-Based Foundation

Apollo, Figure Team at Blockchain-Based Foundation

Apollo Global Management has said it plans to offer a new fund on the public blockchain as it deepens its relationship with FinTech Figure.

According to a report by Bloomberg News on Tuesday (November 22), Apollo and Hamilton Lane are launching investment operations through the platform in the figure using blockchain technology called Provenance. Figure CEO Mike Cagney told Bloomberg that the offer will be part of Apollo’s digital asset strategy.

“This is the beginning of what we think will become a systemic trend of migrating funds to the blockchain,” Cagney said. “This is not a cryptocurrency. It uses blockchain as it was conceived as a way to get rid of the intermediaries in the markets.”

Apollo’s digital asset efforts include working with Figure on things like mortgage origination and transfer, and securitization, according to Bloomberg. Apollo CEO Mark Rowan said the partnership with Figure will lower costs and offer more accessible data through blockchain technology.

Earlier this week, PYMNTS wrote that even after the downturn in the cryptocurrency market, a number of venture capitalists and investors still admire the underlying blockchain technology and speak warmly of “its disruptive potential to securely transfer assets at scale between parties unnecessarily.” for the intermediary, as well as its ability to record transactions in an immutable ledger that also serves as a public database.”

Earlier this year, PYMNTS also spoke with Figure’s Cagney about the company’s partnership with the Provenance-powered Ready Life platform, which allows customers who pay their rent on time with a Ready Pay Visa debit card to qualify for a mortgage without a credit score check.

Cagney told PYMNTS that Ready Life uses credit as a cornerstone to building strong banking relationships and “doesn’t need a mortgage technology platform – they need a capital markets partner who can lend.” Loans are made using smart data collected when a borrower uses a Ready Life debit card.

As he told PYMNTS’s Karen Webster, the Ready Life/Figure collaboration illustrates what’s to come: “The ultimate democratization of banking will rely on blockchain – and move towards a decentralized rather than centralized design.”

How consumers pay online with saved credentials
Convenience encourages some consumers to store their payment details with merchants, while security considerations make other customers think. As part of How We Pay Digitally: Stored Credentials Edition, produced in partnership with Amazon Web Services, PYMNTS surveyed 2,102 US consumers to analyze the consumer dilemma and find out how merchants can win against adversaries.

Written by khirou

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