Apollo Global Launches Crypto Custody Services for Clients

The alternative investment manager Apollo Global Management, in partnership with Anchorage Digital, has begun offering cryptocurrency custody services on behalf of clients. Reuters reports.

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The firm, with AUM exceeding $512 billion, moved ahead with this step despite the protracted bear market in digital assets, the agency notes. Since the start of the year, Bitcoin prices have fallen by more than 50%.

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\”This is a testament to the ongoing drumbeat that [cryptocurrencies] will not go away. It is a long-term process and technology. For large institutions, short-term volatility does not matter,\” said Diogo Monica, president of Anchorage Digital.

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Apollo declined to specify which types of digital assets would be eligible for custody.

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The firm noted that it had established relations with a crypto bank in mid-last year. Then Apollo began exploring secure storage options for clients’ cryptocurrencies.

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In December the firm participated in a Series D financing round for Anchorage in the amount of $350 million.

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\”While exploring creative ways to apply blockchain technology in Apollo’s business, we hope to collaborate with Anchorage to ensure the safekeeping of client funds,\” commented Adam Elling, Chief Operating Officer of the digital assets division.

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Monica also said that the partners are discussing possibilities for expanding the collaboration in the future.

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In April, Apollo hired former JPMorgan manager Kristina Moy. In her new role she has been overseening investments in cryptocurrency, blockchain and Web3.

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