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The
move comes despite a rocky year for the crypto market, with
bitcoin, the world’s largest digital asset, down more than 50%
since the start of 2022, as investors have appeared jittery
about decades-high inflation across the globe.
"It's the validation of this incessant drumbeat that [crypto] is
here to stay," said Diogo Mónica, 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 that for the
large institutions, it doesn't really matter that there is
volatility short term."
Apollo, which declined to disclose what types of crypto assets
it holds, said 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. Apollo later
participated in Anchorage's Series D funding round, which was
finalized in December 2021.
"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," said Adam Eling,
chief operating officer of Apollo's digital assets team.
Mónica said Anchorage is also engaged with discussions about how
to potentially further expand its relationship with Apollo in
the future.
In April, Apollo hired former JPMorgan Chase executive Christine
Moy, who will lead digital asset strategy across the business,
and play a key role in its investment decisions in crypto,
blockchain and Web3, a decentralized version of the internet.
(Reporting by Hannah Lang in Washington; Editing by Lananh
Nguyen and Diane Craft)
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