Apollo Global Management has begun holding Bitcoin and other cryptocurrencies on its client’s behalf via a new partnership with the digital asset platform, Anchorage Digital. The move is a massive step by one of the largest asset managers to offer crypto to institutional investors.
Apollo Global Management announced that they have begun holding cryptocurrencies on behalf of its clients through a partnership with Anchorage Digital according to reports by Reuters. The move comes amid a very rocky time for the cryptocurrency market as most coins, including Bitcoin, are trading 50% less than at the start of the year. Diogo Monica, president of Anchorage Digital says:
It’s the validation of this incessant drumbeat that [crypto] is here to stay. Adding, 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.
Monica also added that Anchorage is engaged in discussions about how to further its relationship with Apollo in the future.
Apollo chose not to disclose what types of crypto assets it holds but says that its relationship with Anchorage started in the middle of last year when the firm started exploring how best to keep its clients’ crypto assets safe. Anchorage hosted a Series D funding rounds which were finalised in December 2021 which Apollo also took part. Adam Eling, chief operating officer 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.
Apollo appointed former JPMorgan Chase executive Christine Moy to lead the digital asset strategy across the business and will play a key role in its investment decisions across blockchain, crypto, and Web 3.0.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Credit: Source link
