Apollo Global partners with Anchorage to hold crypto on behalf of clients

Apollo Global Management Inc., which happens to be in partnership with digital asset platform Anchorage Digital, has started offering crypto custody services on behalf of its clients through partnerships.

The move is a strategy on the part of the company to help introduce crypto services to institutional investors.

The market has been on a downtrend for much of this year, and despite the bearish sentiment, institutional investors continue to show interest in cryptocurrencies.

This is a positive move for the crypto ecosystem given how Apollo, the largest asset manager, is trying to attract institutional investment into the crypto industry.

A recent survey found that nearly 58% of institutional investors have invested in digital assets in early 2022.

6% increase in institutional investment from 2021. A further 74% indicated they would be interested in purchasing a digital asset in the coming months.

Anchorage Digital’s president said:

It’s this constant drumbeat validation that stays here.

Anchorage Digital says short-term volatility is less of a concern for large institutions. These institutions focus on the long-term and future earnings of the cryptocurrency industry.

Apollo’s long-term plans for crypto

Diogo Monica, President of Anchorage Digital, a cryptocurrency company licensed as a National Trust Bank by the Comptroller of the Currency, said:

This is a very long-term process and technology, and for large institutions, having short-term volatility doesn’t really matter.

Apollo has been less vocal about the types of crypto assets it holds and has refused to disclose the types of assets it holds.

This was when the company first began exploring how it could work to protect its clients’ digital assets. D Participated in a funding round.

important plan

A former JPMorgan Chase executive has been hired to head digital asset strategy.

Christine Moy is a former JP Morgan Chase executive leading digital asset strategy.

This will be a turning point in the company’s investment decisions regarding blockchain, cryptocurrencies and the Web3.

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

he said,

We look forward to working with Anchorage to protect our clients’ assets.

Meanwhile, Apollo will also disclose its third quarter 2022 financial results on Wednesday, November 2, 2022, before the New York Stock Exchange opens.