Apollo Global Management Enters The Crypto Game

It holds cryptocurrencies on behalf of clients of one of the world's largest private equity firms. And it brings the world of crypto closer to investment firms.

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Apollo Global Management has begun holding cryptocurrencies on behalf of its clients through a partnership with digital asset platform Anchorage Digital. This is a significant push of crypto to institutional investors by one of the world’s largest asset managers, Reuters writes.

The move comes despite a difficult year for the crypto market, as Bitcoin, the world’s largest digital currency, has fallen more than 50% since the start of 2022, amid a general investment turmoil that has also been boosted by a decade-high in global inflation.

“It is solemnly confirmed that cryptocurrencies are here to stay,” said Anchorage Digital president Diogo Monica. “This is a long-term process and technology. For large institutions, short-term volatility doesn’t really matter.”

Apollo, without disclosing which types of crypto it holds, said its partnership with Anchorage counts more than a year since it began exploring best practices for protecting its clients’ crypto assets. It later participated in the Anchorage Series D funding round, which closed in December 2021.

“We are exploring creative ways to apply blockchain technology to Apollo’s business and look forward to working with Anchorage to safeguard client assets,” said Adam Eling, managing director of digital assets at Apollo.

Monica said discussions are also underway to further expand the partnership between the two parties.

In April, Apollo hired Christine Moy, a former JPMorgan Chase executive, who will lead digital assets strategy across the firm and play a key role in its investment decisions in the areas of crypto, blockchain and Web3.

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