Grove, the institutional-grade credit infrastructure protocol in the Sky Ecosystem, has staked a $50 million anchor investment in a new tokenized feeder fund that brings Apollo’s diversified private credit strategy onchain.
The Anemoy Tokenized Apollo Diversified Credit Fund (ACRDX), created in partnership with Centrifuge and Plume, packages Apollo’s diversified global credit exposures into tokenized shares distributed on Plume’s Nest Credit vaults under the ticker nACRDX.
The move aims to give blockchain-based investors faster, more transparent access to a strategy that spans direct corporate lending, asset-backed loans, performing credit and dislocated credit. ACRDX will act as a feeder fund, tokenizing Apollo’s existing Diversified Credit Fund and making that exposure available to institutional investors through Plume’s Nest Credit platform.
Chronicle has been tapped to provide oracle services and Wormhole will provide cross-chain connectivity. Subject to regulatory approval, Anemoy will serve as the fund manager. Apollo, a $600 billion-plus asset manager that has been active in exploring blockchain rails, framed the launch as part of a broader effort to expand institutional-grade strategies into onchain markets.
Onchain DeFi Economy
Christine Moy, Partner at Apollo and Head of Digital Assets, Data and AI Strategy, commented: “Apollo is committed to expanding tokenized access to institutional-grade credit strategies onchain, meeting global investors where they are with innovative yield products. We’re pleased to welcome Grove as an anchor investor on Plume, and to help build the onchain DeFi economy together with Centrifuge and the Sky Ecosystem.”
“The launch of ACRDX on Plume is a major milestone for onchain capital markets and validates our mission to be the home of real-world asset finance,” said Chris Yin, CEO and Co-Founder of Plume. “Bringing together Apollo, Centrifuge, and Grove on Plume underscores the strength of our ecosystem and the growing institutional demand for diversified credit markets onchain. This collaboration showcases how Plume is setting the standard for the next generation of financial infrastructure.”
Centrifuge, which provides the tokenization infrastructure, argued the product is a natural evolution of its work with Plume and Grove. “Partnering with Apollo to bring ACRDX to Plume is a natural evolution of our collaboration with both Plume and Grove to date,” said Bhaji Illuminati, CEO of Centrifuge. “Centrifuge provides the infrastructure to tokenize and manage the fund, Plume offers the RWA-optimized blockchain environment, and Grove serves as the capital highway needed to unlock access to diversified credit opportunities onchain.”
Grove’s $50 million anchor commitment came from Grove Labs, the research and development arm behind the protocol. Sam Paderewski, Co-Founder of Grove Labs, described the deployment as a validation of Grove’s mission to bring institutional-grade private credit onto blockchain rails: “We created Grove because we believe that the global private credit market is one of the most important asset classes to bring on-chain, and yet one that remains largely untapped by tokenization. As investors seek attractive yields and diversification, ACRDX not only serves as a solution providing exposure across global private and public credit markets, but also validates our mission that institutional-grade credit is a core pillar of the blockchain economy.”
Proponents say the fund addresses two longstanding frictions in private credit investing: access and transparency. By tokenizing Apollo’s portfolio and distributing it through Nest Credit as nACRDX, the product aims to lower minimums, speed settlement, and provide clearer onchain reporting, while keeping professional oversight and governance structures intact.
Building Compliant Tokenized Products
Industry observers see the launch as another example of TradFi asset managers, blockchain infrastructure teams and crypto-native investors converging to build compliant, investor-ready tokenized products. The ACRDX collaboration combines a large-scale credit strategy from a major asset manager with Centrifuge’s tokenization stack and Plume’s RWA rails, and plugs in ecosystem plumbing like oracles and cross-chain bridges to make the product operable across chains.
If successful, the model could broaden how institutional capital accesses private credit markets and provide a template for other strategies to be made available onchain at scale. For now, the rollout will hinge on approvals and on the ability of market participants to integrate tokenized private credit into institutional workflows.
By bringing an established credit strategy to blockchain networks with meaningful scale behind it, ACRDX underscores how tokenization is moving beyond proofs-of-concept and toward live products aimed at institutional investors, a trend that market participants say could reshape distribution and liquidity in private markets.
