Private equity firm Apollo Global Management has expanded its crypto offering through a partnership with crypto custodian platform Anchorage Digital.
Anchorage, a federally charted crypto bank in the U.S., will store the large majority of the digital assets the firm handles for its clients, according to a release Monday.
Apollo participated in Anchorage's $350 million Series D funding round in December 2021, with its custody relationship beginning in the middle of last year, per a Reuters report. It follows previous Anchorage partnerships with institutions in Asia.
"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 the chief operating officer of Apollo's digital asset team, Adam Eling.
In April, the private equity giant hired Christine Moy, formerly a crypto executive at JP Morgan. Moy joined as a partner to head up the investment firm's digital-asset strategy. A source at the time told The Block that, while she'll help the firm invest in web3 and blockchain projects that have a token, it's unlikely that the firm will purchase bitcoin.
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