BitGo Wins $4.5 Million Contract to Custody Bitcoin Seized by Marshals Service
BitGo, a crypto prime brokerage, has won a contract to custody the Bitcoin seized by US Marshals Services.
The contract won is valued at about $4.5 million for an undisclosed period of time.
One of the largest crypto asset custodians, BitGo has $30 billion worth of assets in its custody as of February.
For several years, the agency has been auctioning Bitcoin and other cryptocurrencies that have been seized from criminals. Just late last year, the Justice Department, which Marshals Service is a part of, seized nearly 70,000 BTC valued at about $4 billion at current prices.
“We work hard every day to manage what we believe is the most secure environment for holding digital assets,” Pete Najarian, chief revenue officer at BitGo, said in an interview. “We are excited to be working with an agency as important as U.S. Marshals Service.”