Apollo Global expands digital assets, holds crypto for clients

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Apollo Global expands digital assets, holds crypto for clients
Apollo Global expands digital assets, holds crypto for clients

The move comes despite a rocky year for the crypto market, with bitcoin, the world’s largest digital asset, down more than 50 per cent since the start of 2022

Apollo Global Management Inc., through a partnership with digital asset platform Anchorage Digital, has begun holding crypto-currency on behalf of its clients, in a major push by one of the world’s largest asset managers to bring crypto to institutional investors.

As investors have appeared jittery about decades-high inflation across the globe, the move comes despite a rocky year for the crypto market, with bitcoin, the world’s largest digital asset, down more than 50 per cent since the start of 2022.

“It’s the validation of this incessant drumbeat that [crypto] is here to stay,” said Diogo Monica, president of Anchorage Digital, a crypto firm that holds a national trust bank charter from the Office of the Comptroller of the Currency. “This is a very long-term horizon process and technology and for the large institutions, it doesn’t really matter that there is volatility short term.”

Its relationship with Anchorage dates back to the middle of last year, when the firm first began exploring how best to safeguard its clients’ crypto assets, said Apollo, which declined to disclose what types of crypto assets it holds. Later, Apollo participated in Anchorage’s Series D funding round, which was finalized in December 2021.

“As we explore creative ways to apply block-chain technology across Apollo’s business, we look forward to collaborating with Anchorage for the safekeeping of client assets,” said Adam Eling, chief operating officer of Apollo’s digital assets team.

Monica said Anchorage is also engaged with discussions about how to potentially further expand its relationship with Apollo in the future.

Former JPMorgan Chase executive Christine Moy was hired by Apollo in April, who will lead digital asset strategy across the business, and play a key role in its investment decisions in crypto, block-chain and Web3, a decentralized version of the internet.

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