Apollo partners with Hamilton Lane to launch blockchain investment operations with Figure

Hamilton Lane and Apollo have launched their investment operation on Figure’s digital fund services.

Figure pioneer blockchain technology for financial services

According to a News report by PR Newswire, on Tuesday, November 22, 2022, Apollo and Hamilton Lane are launching investment operations via a platform on Figure called Figure’s Digital Fund Services (“DFS”). The platform uses a blockchain technology called Provenance. Figure CEO Mike Cagney said the offering would be part of Apollo’s digital asset strategy. The DFS platform supports on-chain fund subscriptions and ongoing fund operations and administration.

Provenance is the leading financial services public blockchain and ecosystem. Currently used by more than 50 financial institutions, fintechs, and DeFi brands, Provenance has supported over $10B in transactions. The investment firms will use Figure’s Digital Fund Services (DFS) platform, which, according to a statement from Figure, will handle both on-chain fund subscriptions and ongoing fund operations and administration.

The company said that investors would also benefit from DFS’s universal passporting feature, which enables an anonymized record of verified know-your-customer credentials to be stored on-chain and used across multiple funds.

Apollo and Hamilton to launch operations on Provenance

Apollo and Figure announced plans to collaborate on blockchain-enabled initiatives in July 2021.

“We are proud to work with such industry leaders to drive the adoption of blockchain in financial services. These early movers understand the ease of access, cost transparency, and efficiencies found while leveraging this technology. We look forward to continuing to uncap the blockchain potential in the financial services industry,” said Figure CEO Mike Cagney.

“At Apollo, we are harnessing innovative financial technology to solve our most pressing business challenges,” said Jamey Lamanna, Partner and Chief Information Officer at Apollo. “Through our strategic collaboration with Figure, we’re excited to continue applying blockchain technology to create scalable solutions across the investment lifecycle.” Cagney added.

Figure is a fintech platform that provides financial services through its blockchain, Provenance. It was founded by Mike Cagney, who previously founded the personal finance company Sofi.

In July 2021, the startup, whose most recent valuation was $3.2 billion, announced a partnership with Apollo to work together on several blockchain-enabled projects. The $523 billion alternative asset manager recently collaborated with cryptocurrency custodian Anchorage Digital, which will store most of the digital assets the company manages for its clients.

Hamilton Lane is one of the largest private markets investment firms globally, providing innovative solutions to institutional and private wealth investors worldwide. Hamilton Lane has $823.9 billion in assets under management and recently tokenized three funds in partnership with Securitize.