Apollo Funds has committed money to back Plume, according to a note from the company. Deal terms were not revealed.
Plume is a blockchain built specifically for Real World Assets or RWAs. Plume says it is building an EVM compatible environment to transform traditional financial assets and other sectors including collectibles, etc. Apollo is a global alternative asset manager.
Plume states that the money will be used to further develop its modular blockchain. Within its ecosystem, users may expect to lend/borrow, swap, earn, and speculate. Its testnet reportedly holds over 18 million wallets.
Christine Moy, Partner and Head of Digital Assets at Apollo, says the investment underscores their focus on the technology that will broaden access to institutional quality assets.
“As private assets and funds increasingly move on-chain, Plume represents a new kind of infrastructure focused on digital asset utility, investor engagement, and next-generation financial solutions – advancing the development of a more efficient and programmable financial system.”
Plume co-founder and CBO Teddy Pornprinya says they have always believed that RWAs are more than tokenization, as the challenge goes beyond getting assets onchain but then you must make them useful.
“With Plume, we’re creating an environment where any asset issuer can seamlessly connect to liquidity, community, and distribution, generating value in ways previously impossible.”