Apollo Global Hires Anchorage Digital as Crypto Custodian

The private-equity giant, which has $513 billion in assets under management, will place a "significant portion" of its digital-assets holdings with Anchorage.

By Oliver Knight

Oct 31, 2022 at 1:10 p.m. UTC

Updated Oct 31, 2022 at 3:04 p.m. UTC

CDCROP: Safe Vault Secure (Jason Dent/Unsplash) — Anchorage Digital will be Apollo's crypto custodian. (Jason Dent/Unsplash)

Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

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New York-based private-equity firm Apollo Global Management (APO) has chosen Anchorage Digital to be its custodian for crypto assets, according to a press release on Monday.

Anchorage, which became the first federally chartered crypto bank in the U.S. last year, said it expects to hold a "significant portion" of Apollo's digital-asset portfolio.

Apollo, which has $513 billion in assets under management, ventured into the cryptocurrency industry this year, hiring former JPMorgan Chase (JPM) executive Christine Moy in April to be its head of digital assets strategy.

"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,” Adam Eling, chief operations officer of digital assets at Apollo, said in the release.

Diogo Mónica, Anchorage's co-founder and president, said the collaboration with Apollo will "set the bar" for how institutions work with regulated digital-asset banks.

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