Another Asset Management Company Enters Crypto Industry

Apollo Global Management, one of the global asset management companies, is stepping into the crypto industry.

Apollo Global Management, one of the largest asset management companies in the world, announced that it has signed an agreement with crypto asset platform Anchorage Digital.

As part of the agreement, Apollo Global Management, which has $515 billion in funds under its management, will provide crypto-asset custody services for its clients. In the statement made by Apollo Global Management, information about the cryptocurrencies that will be given custody service has not been given yet. However, the company reported that it has been researching for over a year on how to better protect crypto assets before collaborating with Anchorage.

Adam Eling, Head of the Digital Asset Department at Apollo Global Management, mentioned that the partnership with Anchorage is extremely important in protecting clients’ assets as part of his company’s plans to actively use Blockchain technology. Diogo Mónica, CEO of Anchorage Digital, said such collaborations are important moves that strengthen the crypto industry’s foundation and increase its adoption. Diogo Mónica also added that institutions that are interested in the technology of cryptocurrencies and have a long-term perspective do not consider short-term price volatility.