Apollo taps Anchorage Digital for crypto custody

Apollo Global Management is expanding its exposure to crypto and other digital assets through a partnership with federally chartered crypto custodian Anchorage Digital.

Why it matters: Despite a decline in the price of bitcoin and other cryptocurrencies this year, institutional investors continue to show an appetite for making crypto a part of their portfolios.

Between the lines: Anchorage was the first crypto-native company to receive a banking charter from the OCC in January 2021, giving it a leg up in working with institutional investors like Apollo.

• According to a Reuters report, the firms began working together in the middle of last year.
• Apollo was also an investor in Anchorage's $350 million Series D funding round announced last December, which valued the company at $3 billion.