Apollo to Provide Crypto Custodial Services in Partnership with Anchorage

UTC by Babafemi Adebajo · 2 min read
Apollo to Provide Crypto Custodial Services in Partnership with Anchorage
Photo: Depositphotos

While Apollo did not state which crypto assets it holds, the firm noted its relationship with Anchorage started in 2021.

Apollo Global Management Inc has begun providing crypto custodial services for its clients through its partnership with Anchorage Digital. This forms part of the company’s strategy to bring cryptocurrency services to institutional investors.

The move comes at a time when a downward market trend has wiped off about 70% of Bitcoin’s all-time high from last November. Despite the downward trend, more institutional investors have shown interest in the crypto ecosystem.

A recent survey by Fidelity found that 58% of institutional investors invested in digital assets in the first half of 2022. This is a 6% increase from the 2021 level. Another 74% indicated an interest in purchasing digital assets in the future.

According to Diogo Mónica, president of Anchorage Digital, “It’s the validation of this incessant drumbeat that is here to stay.” Monica explained that short-term volatility was not a problem for large institutions, who are thinking long-term and looking at the future potentials of the industry.

Mónica noted that Anchorage is in talks with Apollos about how to further expand the relationship in the future.

Apollo and Its Crypto Asset Strategy

While Apollo did not state which crypto assets it holds, the firm noted its relationship with Anchorage started in 2021. Also, Apollo participated in Anchorage’s Series D funding round which saw the digital asset firm raise 350 million dollars last December.

Earlier in April, Apollo hired Christine Moy, a former JPMorgan Chase executive as Head of Digital Asset Strategy. As head, Moy will lead Apollo’s digital asset strategy and be pivotal in the firm’s investment decisions about blockchain, cryptocurrency, and Web3.

Adam Eling, chief operating officer of Apollo’s digital assets team stated his team is exploring innovative ways to apply blockchain technology to Apollo’s business. He said, “We look forward to collaborating with Anchorage for the safekeeping of client assets.”

Meanwhile, Apollo will release its financial results for the third quarter of 2022 on Wednesday, November 2, 2022, ahead of the opening of the New York Stock Exchange for trading.

Altcoin News, Cryptocurrency news, News
Babafemi Adebajo

An experienced writer with practical experience in the fintech industry. When not writing, he spends his time reading, researching or teaching.

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