Alternative asset management powerhouse Apollo Global Management has made a 'strategic investment' into Plume Network, the firm specializing in tokenizing real-world assets.
In a statement from Tuesday, Plume said it would use Apollo's financial support to grow its ecosystem further. Plume said its testnet has over 18 million wallets. Apollo's total investment, made through funds the firm manages, is valued at over "seven figures," according to a Plume spokesperson.
Plume is a modular, Ethereum Virtual Machine (EVM)-compatible Layer 2 network focused on RWAs. About a year ago, Plume raised $10 million in a seed funding round led by Haun Ventures. Last month, YZi Labs also invested an undisclosed amount in Plume.
"Our investment in Plume underscores Apollo’s focus on technologies that broaden access to institutional-quality products," said Christine Moy, partner and head of digital assets at Apollo. "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."
Apollo is one of the world's largest asset managers, with over $700 billion in assets under management.
As interest in real-world assets (RWAs) onchain grows, Plume has attempted to strengthen its ties across both the digital assets industry and traditional finance. Plume aims to offer investors the opportunity to own a wide array of tokenized RWAs, including equities, solar assets, collectibles, luxury goods and real estate. Its mainnet should launch in the coming weeks, the firm said last month.
Total value locked (TVL) in RWA protocols exceeded $10 billion last month, according to DefLlama data.
"The challenge is not in getting assets onchain, but in making them truly useful once they’re in the crypto economy," Plume co-founder Teddy Pornprinya said in a statement. "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."
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