$500 billion asset management giant Apollo Global Management is launching a new cryptocurrency custody service for its clients through a partnership with digital asset platform Anchorage Digital.
According to a press release, Apollo is partnering with Anchorage to become one of the largest private investment firms to offer crypto custody services.
Anchorage, founded in 2017 and valued at over $3 billion, says it expects to custody “a significant portion” of Apollo’s digital asset portfolio.
Diogo Mónica, Anchorage Digital co-founder and president, says,
“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.”
Says Adam Eling, chief operating officer of Apollo’s digital assets team,
“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. As we explore creative ways to apply blockchain technology across Apollo’s business, we look forward to collaborating with Anchorage for the safekeeping of client assets.”
Earlier this month, BNY Mellon became the first major US bank to safeguard crypto assets alongside traditional investments on their platform.
The bank received permission from New York financial regulators earlier this year to store Bitcoin (BTC) and Ethereum (ETH) for customers on their platform, subsequently launching a custody service afterwards.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Master1305