Crypto prime brokerage BitGo Inc. has received a contract to preserve secure digital cash seized by the U.S. Marshals Service.
The company has been auctioning Bitcoin and different cryptocurrencies seized from criminals for a number of years. As Bitcoin’s value surged to file highs, the worth of the confiscated holdings has skyrocketed. Late final yr, Justice Department — which Marshals Service is part of — seized practically 70,000 Bitcoins valued at about $4 billion, primarily based on present costs.
The contract BitGo received is valued at about $4.5 million, and its period hasn’t been disclosed. BitGo is among the largest digital property custodians; in February, it introduced it safeguarded $30 billion in property.
“We work arduous every single day to handle what we imagine is essentially the most safe setting for holding digital property,” Pete Najarian, chief income officer at BitGo, stated in an interview. “We are excited to be working with an company as vital as U.S. Marshals Service.”
