Anchorage Digital Becomes Apollo Global Crypto Custodian

Apollo Global Management partners with crypto custodian platform Anchorage Digital to expand its crypto offering. With this partnership deal.

Anchorage Digital is now the official custodian to safely store Apollo’s crypto assets. According to Anchorage Digital which became the first federally chartered crypto bank in the U.S. last year, it will act as a custodian for a significant portion of the alternative asset manager’s digital asset portfolio.

Anchorage raised $350 million in a Series D funding round in December 2021 and Apollo with $513 billion in assets under management (AUM) was one of the participating investors in the round. However, their custody relationship had been brewing way before that in the middle of last year. Since then till now, Anchorage has continued to delve into various markets.

Recently, the regulated crypto platform expanded its international presence in Asia with strategic partnerships with five Asia-based institutional crypto partners.

This latest partnership involved asset management firm Dream Trade, cryptocurrency exchange Bitkub, Blockchain investment firm FBG Capital, Venture firm IOSG Venture, as well as digital asset services provider Antalpha.

Markedly, Anchorage is well-known for working with institutional clients rather than retail investors.

It is also recognized as one of the few globally regulated crypto platforms, still, Anchorage is pushing for regulations and authorization from other authorities according to Diogo Mónica, the Co-Founder and President of Anchorage Digital.

Apollo Ventures Into the Crypto Industry

Speaking about its latest partnership with Apollo, 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.”

On the other hand, Apollo hired former JPMorgan Chase executive Christine Moy in April to lead its digital assets strategy team. While, JPMorgan also seeks a hire that will drive its institutional payments products onto new crypto, Web3.0, and metaverse clients.