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

Apollo, which has $513 billion in assets under management, ventured into the cryptocurrency industry this year, hiring former JPMorgan Chase (JPM) executive Christine Moy in April to be its head of digital assets strategy.

"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,” Adam Eling, chief operations officer of digital assets at Apollo, said in the release.

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