Apollo Launches Its New Crypto Custody Service With Anchorage Digital
Apollo Launches Its New Crypto Custody Service With Anchorage Digital.
Through a partnership with the digital asset platform Anchorage Digital, Apollo Global Management launches a cryptocurrency custody service for its clients.
Aiming to Become The Largest Private Investment Firm Providing The Services
A press release indicates that Apollo is partnering with Anchorage to become one of the leading crypto custody firms.
Anchorage is expected to have custody of “a significant portion” of Apollo’s digital asset portfolio. Anchorage was founded in 2017 and is valued at over $3 billion.
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Anchorage Digital co-founder and president, Diogo Mónica said, “Apollo is a leader in the alternatives industry, so their use of Anchorage’s custody platform is incredibly validating, and we expect this collaboration can set the bar for how institutions work with regulated digital asset banks like Anchorage to provide custody and other services for their crypto holdings.”
“Being both nimble and secure with digital asset portfolios doesn’t have to be mutually exclusive–and we are confident this partnership will prove that,” Monica added.
Collaborate to Protect Client Assets
“We were drawn to working with Anchorage given their commitment to operating under strict regulatory oversight, their strong emphasis on security and segregation of client assets, and their ease of use for asset managers to hold digital tokens,” said chief operating officer of Apollo’s digital assets team, Adam Eling.
Apollo is also excited about collaborating with Anchorage for the safekeeping of client assets as they explore new ways to utilize blockchain technology across its business.
A major US bank, BNY Mellon, became the first to safeguard crypto assets alongside traditional investments this month.
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New York regulators granted the bank permission to store Bitcoin (BTC) and Ethereum (ETH) on their platform, after which they launched a custody service.
“We are excited to help drive the financial industry forward,” said BNY Mellon’s president and chief executive, Robin Vince.
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