Apollo Teams Up With Anchorage to Expand its Product Offering
Godfrey Benjamin Oct 31, 2022 21:11
Apollo Global Manage and Anchorage have partnered to expand the former's crypto products
Apollo Global Management, an American private equity firm with more than $30 billion in assets under management has inked a new partnership with Anchorage Digital for its crypto custody options.
The partnership between the duo has been an evolving one and as revealed by the latter firm, it will solely be in charge of safeguarding the crypto holdings of Apollo which is now deepening its feet into the Web3.0 world.
“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,” said Diogo Mónica, Co-Founder and President, of Anchorage Digital.
The era where mainstream investment firms consider the crypto ecosystem as an alien offshoot of the financial industry is passed. Many institutional investors today are now exploring new and unique avenues by which they can join the bandwagon, and fulfill the demands of their existing customers while attracting new customers.
Apollo remains one of the major investment outfits pushing its boundaries with a steady entry into the Web3.0 space. While its custody relationship with Anchorage Digital dates back to 2021, the company dipped its feet into the industry some more when it joined the investors that bankrolled Anchorage when it raised $350 million in Series D funding last December.
While its crypto embrace is still shaping up, Apollo said its choice of Anchorage Digital as its primary strategic partner is based on the firm’s “strong emphasis on security and segregation of client assets,” as well as the “ease of use for asset managers to hold digital tokens.”
Image source: Shutterstock