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The Anchorage’s “stringent processes and procedures,” according to co-founders Diogo Mónica and Nathan McCauley, were likely factors in the federal agency’s decision.
Bank for cryptocurrency custody Anchorage Digital will provide digital asset services for seized funds related to federal crimes for the United States Marshals Service.
In a Wednesday announcement from Anchorage, the digital asset platform said the U.S. Marshals Service, or USMS, “seized some amount of digital assets in recent years” which required a partner in the space to provide certain financial services. Anchorage will be responsible for custodying, liquidating, and other actions as part of the forfeiture process.
Anchorage co-founders Diogo Mónica and Nathan McCauley speculated that the platform’s “stringent processes and procedures” were likely factors in the USMS decision.
According to a 2019 proposal, the United States Marshals Service was looking for a digital asset platform that could handle accounting, customer management, audit compliance, managing blockchain forks, wallet creation, and the conversion of token assets into coin assets. The federal agency has seized thousands of Bitcoin (BTC), Ether (ETH), and other cryptocurrencies, auctioning them off to the public on a regular basis.
According to some estimates, the amount of Bitcoin seized by the USMS since 2014 totals more than 185,000 BTC — roughly $7.5 billion at the time of publication — and includes funds from the now-defunct marketplace Silk Road. Other government officials, however, may still be in charge of the cryptocurrency seized from DarkSide hackers following a ransom paid for the attack on the Colonial Pipeline system earlier this year.
Anchorage was the first crypto firm to receive a charter from the United States’ national bank regulator in January, and it has steadily expanded into the crypto market since then. In February, the company raised $80 million and later partnered with Prometheum to launch an alternative cryptocurrency trading system.