Apollo Global Management, a $500 billion asset management giant, is launching a new cryptocurrency custody service for its clients through a partnership with Crypto asset platform Anchorage Digital.
According to the press release, Apollo is partnering with Anchorage to become one of the largest private investment firms offering cryptocurrency custody services.
Anchorage, which was founded in 2017 and is valued at more than $3 billion, said it expects to host a “significant portion” of Apollo’s Crypto asset portfolio.
Diogo Mónica, co-founder and president of Anchorage Digital, said,
“Apollo is a leader in the alternative industry, so their use of the Anchorage custody platform has been very effective, and we hope this collaboration can set the standard for how institutions can partner with regulated Crypto asset banks like Anchorage to provide custody and other services for their cryptocurrencies Shareholding. Flexible and secure Crypto asset portfolios are not necessarily mutually exclusive – we believe this partnership will demonstrate that.”
Adam Eling, COO of the Apollo Digital Assets team, said,
“We were drawn to partnering with Anchorage because of their commitment to operating under strict regulatory oversight, their emphasis on the security and segregation of client assets, and the ease of use for asset managers to hold Crypto tokens. We look forward to working with Anchorage to protect client assets as we apply creative ways of applying blockchain technology to our business.”
Earlier this month, the Bank of New York Mellon became the first major U.S. bank to protect crypto assets on its platform, as well as traditional investments.
The bank received a license from New York’s financial regulator earlier this year to store bitcoin (BTC) and ether (ETH) for clients on its platform, before launching a custody service.
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The post $500,000,000,000 Asset Manager Apollo Launches New Crypto Custody Service for Institutional Investors appeared first on The Daily Hodl.
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