Apollo Global Launches Crypto Custody Service for Clients

Alternative investment management firm Apollo Global Management has partnered with Anchorage Digital to provide cryptocurrency custody services to clients on behalf of clients. According to Reuters.

The agency said it took action despite a prolonged bear market in Crypto assets, with the firm’s assets under management exceeding $512 billion. Bitcoin quotes have fallen by more than 50% since the beginning of the year.

“It’s a confirmation of the constant drumming, [криптовалюты] won’t go anywhere. This is a long process and technology. For large institutions, short-term volatility is irrelevant,” said Diogo Monica, president of Anchorage Digital.

Apollo declined to specify what types of Crypto asset custody services will be offered.

The company emphasized that the relationship with the cryptocurrency bank was established in the middle of last year. Apollo then began exploring the possibility of securely storing encryption for customers.

In December, the company raised $350 million in Series D funding for Anchorage.

“As we explore creative ways to use blockchain technology in Apollo’s business, we look forward to working with Anchorage to keep client funds safe,” said Adam Eling, chief operating officer of the firm’s Crypto assets division.

Monica also said that the partners are discussing the possibility of expanding cooperation in the future.

Recall that in April, Apollo hired former JPMorgan Chase manager Christina Moy. In her new job, she is responsible for investment management in the fields of cryptocurrencies, blockchain and Web3.

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