Crypto prime brokerage BitGo Inc. has won a contract to secure digital coins seized by the US Marshals Service.
The agency has been auctioning Bitcoin and other cryptocurrencies seized from criminals for several years. As the price of Bitcoin has reached record highs, the value of confiscated holdings has skyrocketed. At the end of last year, the Justice Department – of which the Marshals Department is a part – seized nearly 70,000 Bitcoins worth around $ 4 billion, based on current prices.
The contract won by BitGo is valued at around $ 4.5 million and its duration has not been disclosed. BitGo is one of the largest custodians of digital assets; in February, he announced that he had protected $ 30 billion in assets.
“We work hard every day to manage what we believe is the most secure environment for holding digital assets,” said Pete Najarian, BitGo’s chief revenue officer, in an interview. “We are delighted to be working with such an important agency as the US Marshals Service.”