Plume, a blockchain platform focused on active world (RWAS), said on Tuesday that it had obtained an investment from funds managed by the Apollo Global Management giant while seeking to increase its infrastructure and bring more traditional financial products.
The protocol did not disclose the terms of funding. A pen spokesperson told Coindesk that it was a “seven-digit” investment.
Plume develops a modular blockchain compatible with Ethereum designed to transform a wide range of active ingredients – financial instruments with credits and collectibles of carbon – in usable tokens. Its objective is to create an environment where users can not only contain digital versions of active world active ingredients, but also use them in familiar cryptography activities such as loan, borrowing, exchange and speculation.
Investment will help accelerate its complete blockchain construction and expand access to its ecosystem. Plume said that its testnet already supported more than 18 million user cryptography portfolios and more than 200 integrated protocols.
The financing of Apollo, one of the largest managers of alternative assets in the world, underlines an increasing institutional interest for real tokenized assets, using blockchain rails for traditional instruments such as obligations, funds and products. A recent report by Ripple and Boston Consulting Group has planned that the tokenized asset market could reach 18.9 dollars by 2033.
For an asset manager like Apollo, who has been watching digital finance for some time, the agreement with Plume is a bet on infrastructure which aims to make the assets more liquid and programmable.
“Our investment in Plume underlines Apollo’s attention on technologies that widen access to institutional quality products and create more transparent and innovative customer experiences,” said Christine Moy, partner and manager of digital assets in Apollo, in a press release. “While assets and private funds are moving more and more to the chain, Plume represents a new type of infrastructure focused on the utility of digital assets, the commitment of investors and new generation financial solutions – to advance the development of a more efficient and programmable financial system.”
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