Private equity and investment management firm Apollo Global Management, Inc. has started offering crypto custody services to institutional clients, Reuters reported on Monday.
The asset manager offers the service via a partnership with the crypto platform Anchorage Digital. The report did not reveal the type of crypto assets Apollo is holding on behalf of its institutional clients.
Apollo Launches Crypto Custody Despite Bear Market
The latest move by the asset manager comes at a time when the crypto market is experiencing major turmoil with prices of top digital assets losing more than half of their value since the beginning of this year.
“It’s the validation of this incessant drumbeat that [crypto] is here to stay. This is a very long-term horizon process and technology and that for the large institutions, it doesn’t really matter that there is volatility short term,” Diogo Mónica, president of Anchorage Digital said.
Also commenting on the development, Adam Eling, chief operating officer (COO) of Apollo’s digital assets team, said:
“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.”
Mónica revealed that Anchorage is also holding conversations on how to deepen its relationship with Apollo in the future.
Founded in 1990, and based in New York City, Apollo is a global private equity firm that offers investment management and invests in credit, private equity, and real assets. As of March 31, 2022, the company had approximately $512 billion of assets under management.
It is worth noting that the asset manager made its first significant push into crypto in April when it hired former JPMorgan (JPM) executive Christine Moy to lead its digital-asset strategy.
Top Financial Institutions Offering Crypto Services
Apollo has now joined a growing list of large financial institutions offering crypto-related services in an effort to meet customers’ increasing appetite for the emerging asset class.
Last month, the world’s second-largest stock exchange, Nasdaq revealed plans to offer crypto custody services to institutional clients. Coinfomania reported earlier this month that the U.S. oldest bank, BNY Mellon, launched a new digital asset custody platform for its institutional clients in the United States.
