Cryptocurrency

Apollo Global Partners With Anchorage To Hold Crypto On Behalf Of Their Clients

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Through a partnership with Anchorage Digital, which happens to be a digital asset platform, Apollo Global Management Inc. has started to provide crypto custodial services on behalf of its clients through a partnership.

This move is a strategy on the company’s part that will help introduce crypto services to institutional investors.

The market has shown a downtrend for the most part of this year, and even with bearish sentiments, institutional investors have continued to display interest in cryptocurrencies.

This is a positive move for the crypto ecosystem given how Apollo, being the largest asset manager, is attempting to draw institutional investments to the crypto industry.

A recent survey has found that close to 58% of institutional investors have invested in digital assets in the early months of 2022.

There has been a 6% increase in institutional investments from 2021. Another 74% have signaled that they are interested in purchasing digital assets over the upcoming months.

The President of Anchorage Digital has stated that,

It’s the validation of this incessant drumbeat that is here to stay.

Anchorage Digital mentions that the short-term volatility has not been of much concern for large institutions. These institutions are more focused on the long-term and future returns of the crypto industry.

Long Terms Plans Of Apollo Pertaining To Crypto

Diogo Monica, president of Anchorage Digital, the crypto firm that holds a national trust bank charter from the Office of the Comptroller of the Currency, stated,

This is a very long-term horizon process and technology and that for the large institutions, it doesn’t really matter that there is volatility short term.

Apollo has not mentioned too much about the kind of crypto assets it holds, and it has declined to disclose what kind of assets it is holding. Apollo’s relationship with Anchorage goes back to the middle of 2021.

This was when the firm first began to explore how it could work towards safeguarding its client’s digital assets. Apollo later participated in Anchorage’s Series D funding round, which was finalized in December 2021.

Pivotal Plans

A former JPMorgan Chase executive was employed as the Head of Digital Asset Strategy.

Christine Moy is the former JPMorgan Chase executive who would be leading the digital asset strategy.

This would be a turning point for the firm’s investment decisions about blockchain, cryptocurrency, and also Web 3.

Adab Eling, chief operating officer of Apollo’s digital assets team, mentioned that the team is trying to find innovative ways to integrate blockchain technology into Apollo’s business.

he stated,

We look forward to collaborating with Anchorage for the safekeeping of client assets.

In the meantime, Apollo will also disclose the financial results for the third quarter of 2022 on Wednesday, November 2, 2022, before the opening of the New York Stock Exchange for trading.

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