The company, which manages assets worth nearly $1 trillion, made a surprising decision to buy back an altcoin from the market.
Asset management giant Apollo Global Management has signed a strategic partnership agreement with the onchain lending protocol Morpho Association. Apollo, which manages approximately $900 billion in assets, will be able to purchase up to 90 million MORPHO tokens over a four-year period.
Under the agreement, Apollo or its affiliates will be able to acquire MORPHO tokens through open market purchases, over-the-counter (OTC) transactions, and other contractual methods. However, these purchases are limited to a period of 48 months, and total ownership cannot exceed 90 million MORPHO tokens. Transfer and transaction restrictions will also apply.
Following this development, the price of the MORPHO token increased by 17%.
The parties will work together to develop and support onchain credit markets on the Morpho protocol. This collaboration is noteworthy in terms of strengthening the integration between traditional financial giants and decentralized finance (DeFi) infrastructures.
Galaxy Digital UK Limited acted as Morpho’s exclusive financial advisor in the agreement.
Morpho operates as an open network providing infrastructure for onchain lending markets. The protocol offers curated vaults that manage the distribution of assets across different credit markets. Morpho is governed by MORPHO token holders.
