Apollo Global Management, one of the leading investment firms in the world, has entered into a strategic agreement with the French non-profit organization Morpho Association to acquire up to 90 million MORPHO tokens over the next four years.
This is reported by Business • Media
Partnership Details and Market Impact
According to the agreements, Apollo Global Management and its affiliated entities will purchase MORPHO tokens both through over-the-counter transactions and on the open market. The planned acquisition volume is up to 90 million tokens over 48 months. The main goal of this collaboration is to support and develop credit markets based on the Morpho protocol infrastructure.
Other terms of the agreement, including the price at which Apollo will purchase the tokens, remain confidential. If the company completes the full acquisition, its share of the total MORPHO supply will reach approximately 9%, giving Apollo a significant, but not dominant, influence over the ecosystem management processes.
“The goal of the agreement is to support lending markets within the ecosystem. Other terms of the agreement, including the token price for Apollo, are not disclosed.”
Market Reaction and Role of Morpho Association
The news of the strategic partnership immediately impacted the asset’s value. On the daily chart, the MORPHO token showed a price increase of 5.5%, while on the weekly chart, it rose by 21.5%. As of the preparation of this news, the MORPHO price stands at $1.4.
Morpho Association is a French non-profit organization dedicated to the development of the Morpho ecosystem. The MORPHO token serves a governance function within the protocol, which provides infrastructure for credit markets on the Ethereum network and EVM-compatible blockchains. The protocol is governed by MORPHO token holders, and its tools allow for effective asset distribution across different networks.
Previously, Morpho collaborated with the exchange Coinbase, which launched Bitcoin-backed loans based on the Morpho protocol, utilizing its infrastructural capabilities.