Apollo Holds Crypto For Clients As It Expands Into Digital Assets

(Reuters) – Apollo Global Management Inc has started holding cryptocurrencies on behalf of its clients through a partnership with digital asset platform Anchorage Digital, in a major push by one of the world’s largest asset managers to bring crypto to institutional investors.

The move comes despite a turbulent year for the crypto market, with bitcoin, the world’s largest digital asset, down more than 50% since the start of 2022 as investors appeared nervous over rising inflation. high for decades around the world.

“It’s the validation of that incessant drumbeat that [crypto] is here to stay,” said Diogo Mónica, president of Anchorage Digital, a crypto company that holds a National Trusted Banking Charter from the Office of the Comptroller of the Currency. a very long-term technology and that for large institutions, regardless of whether there is short-term volatility.”

Apollo, which declined to disclose the types of crypto assets it holds, said its relationship with Anchorage dates back to mid-last year when the company began exploring how best to protect crypto assets from his clients. Apollo then participated in Anchorage’s Series D funding round, which was finalized in December 2021.

“As we explore creative ways to apply blockchain technology across Apollo’s business, we look forward to working with Anchorage to safeguard customer assets,” said Adam Eling, COO. from Apollo’s digital asset team.

Mónica said Anchorage is also engaged in discussions about how to potentially further expand its relationship with Apollo in the future.

In April, Apollo hired former JPMorgan Chase executive Christine Moy, who will lead digital asset strategy across the company and play a key role in its crypto, blockchain, and investment decisions. and Web3, a decentralized version of the Internet.

(Reporting by Hannah Lang in Washington; Editing by Lananh Nguyen and Diane Craft)

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