Apollo Partners With Anchorage Digital To Expanded Its Crypto Offering For Clients

Private equity firm Apollo Global Management has expanded its crypto offering through a partnership with crypto custodian platform Anchorage Digital.

Anchorage, a federally charted crypto bank in the U.S., will store the large majority of the digital assets the firm handles for its clients, according to a release Monday.

Apollo participated in Anchorage’s $350 million Series D funding round in December 2021, with its custody relationship beginning in the middle of last year. It follows previous Anchorage Digital partnerships with institutions in Asia.

Apollo, which manages $513 billion in assets, entered the cryptocurrency business this year, recruiting former JPMorgan Chase (JPM) employee Christine Moy as its head of digital assets strategy in April.

Adam Eling, chief operations officer of digital assets at Apollo, said in the release:

“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.”

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