Wall Street giant Apollo follows BlackRock in DeFi push with Morpho token deal

Apollo Global Management, overseeing over $900 billion in assets, is significantly expanding its involvement in cryptocurrency by entering a cooperation agreement with the Morpho Association, the entity behind the Morpho decentralized finance (DeFi) protocol. This deal allows Apollo and its affiliates to purchase up to 90 million MORPHO tokens over four years via various means, potentially representing 9% of the total governance token supply. Beyond the token acquisition, Apollo and Morpho will collaborate to enhance lending markets built on the Morpho protocol, which provides infrastructure for on-chain lending and asset allocation vaults. This move mirrors similar steps by other major asset managers, such as BlackRock, which recently tokenized a fund and invested in the UNI governance token, as large financial institutions increasingly explore decentralized finance rails.

(Source：CoinDesk)