Wall Street giant Apollo deepens crypto push with Morpho token deal
Summary
An asset manager managing over $900 billion in assets plans to acquire up to 90 million MORPHO tokens, aiming to bolster the decentralized finance (DeFi) credit market through this strategic partnership.
Key Insights
What is Morpho and what role does the MORPHO token play?
Morpho is an open network providing infrastructure for on-chain lending markets in DeFi, featuring curated vaults that manage asset distribution across credit markets. The MORPHO token governs the protocol, allowing holders to participate in decision-making on its development and operations.
What are the key terms of Apollo's agreement to acquire MORPHO tokens?
Apollo or its affiliates can acquire up to 90 million MORPHO tokens over 48 months through open market purchases, over-the-counter (OTC) transactions, and other methods, with total ownership capped at that amount and subject to transfer and trading restrictions. The partnership also involves collaboration to develop on-chain lending markets on the Morpho protocol.