Apollo Global to Hold Crypto for Institutional Clients Through Anchorage Partnership

InfoNesia.xyz – Apollo Global Management – one of the world’s largest asset managers, with more than $500 billion under management – is breaking into crypto custody through a partnership with digital asset platform Anchorage Digital.

Anchorage, which is the first federally chartered digital asset bank in the U.S., will custody a “significant portion” of Apollo’s crypto portfolio. In total, Apollo holds over $500 billion in assets under management.

“We were drawn to working with Anchorage given their commitment to operating under strict regulatory oversight, their strong emphasis on security and segregation of client assets, and their ease of use for asset managers to hold digital tokens,” said Apollo COO Adam Eling in a statement on Monday.

Eling added that the company would explore new ways to apply blockchain technology across its business.

The move marks another major entrance into crypto from a national leader in asset management, following BlackRock’s partnership with Coinbase for Bitcoin trading and custody in August. Fidelity, one of the first major financial firms to break into Bitcoin back in 2018, introduced Ethereum trading to institutional clients earlier this month.

Apollo brought on former JPMorgan crypto lead Christine Moy in April to be its Head of Digital Assets. Moy told Decrypt at the SALT conference last month that Apollo is “looking to be a real-world practitioner” of blockchain technology and is also interested in “putting real-world assets on-chain.”

Bringing Institutions to Crypto: Christine Moy of Apollo, David Mercer of LMAX at SALT NY

Christine Moy of Apollo Global, formerly of JPMorgan, and David Mercer of LMAX, joined Decrypt’s Dan Roberts onstage at SALT NY for a talk on institutional crypto investing and what hurdles remain to broader adoption amid the crypto bear market.

Of course, the partnership also takes place during a major down year for both crypto prices and trading activity, possibly indicating that long-term interest in the asset class is still bubbling under the surface.

“Institutions are taking a long-term approach to crypto,” Anchorage president Diogo Mónica told Decrypt in an email.

While he declined to comment on which digital assets it would custody on Apollo’s behalf, he said he’s confident that Apollo and other institutional partners are “here to stay.”

“Apollo is a leader in the alternatives industry, so their use of Anchorage’s custody platform is incredibly validating,” Mónica added.