Private equity titan Apollo Global (NYSE:APO) has picked Anchorage Digital, a federally chartered digital asset bank, to custody a "significant portion" of its digital asset portfolio, according to a release dated Monday.Apollo (APO), which has over $500B in assets under management, entered the blockchain ecosystem after it hired former JPMorgan (JPM) blockchain chief, Christine Moy, in April to take charge of its digital asset strategy."We expect this collaboration can set the bar for how institutions work with regulated digital asset banks like Anchorage to provide custody and other services for their crypto holdings," said Diogo Mónica, Anchorage's co-founder and president.The custody deal comes as a slew of traditional financial institutions make their foray into the digital asset world, bridging the gap between TradFi and DeFi. In July, French lender BNP Paribas (OTCQX:BNPQF) (OTCQX:BNPQY) was said to have teamed up with crypto custody firm Metaco.
