Private Equity Giant Apollo Global Appoints Anchorage Digital as Crypto Custodian

New York-based private equity firm Apollo Global Management (APO) has chosen Anchorage Digital to become 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 custody a "significant portion" of Apollo's digital asset portfolio.

Apollo currently has $512.8 billion in assets under management and strayed into the cryptocurrency industry this year, hiring former JPMorgan (JPM) executive Christine Moy to be its head of digital assets strategy in April.

"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, COO of digital assets at Apollo.

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