In a major push to bring cryptocurrency to institutional investors, Apollo Global Management Inc has begun holding cryptocurrency on behalf of its clients through a partnership with digital asset platform Anchorage Digital. The move comes despite a difficult year for the crypto market, with bitcoin, the world’s largest digital asset, down more than 50% since the beginning of 2022, as investors have become concerned about decades of high inflation around the world. Apollo declined to disclose the types of crypto assets it holds with Reuters News, but said its relationship with Anchorage dates back to the middle of last year, when the firm first started looking into how to best protect its clients’ crypto assets.
