Apollo Global Management, an asset manager with more than $500 billion under management, is teaming up with Anchorage Digital to offer crypto custody services. The digital asset platform, Anchorage Digital, will custody a significant portion of Apollo’s crypto portfolio.
Adam Eling, Apollo COO, said the firm was prompted to work with Anchorage because of its commitment to operate under strict regulatory oversight, strong emphasis on security and segregation of client assets, and their competence for asset managers to hold digital tokens. He said Apollo would look at new ways to apply blockchain technology across its business.
Diogo Monica, Anchorage president, said institutions are taking a long-term approach to crypto. He expressed confidence that Apollo and other institutional partners are here to stay. Monica said Apollo is a leader in the alternative industry, so their use of Anchorage’s custody platform is incredibly validating. He believes it’s a very long-term horizon process and technology and that for large institutions, it doesn’t really matter that there is volatility short term.
It should be noted the two firms’ relationship started more than a year ago when Apollo started exploring the best ways to safeguard clients’ crypto holdings.
