Capital markets News

U.S. Marshals to use Anchorage for custody of seized digital assets

bitcoin cryptocurrency crime

The U.S. Marshals Service (USMS) will be using Anchorage Digital’s solution for digital asset custody. The U.S. federal agency took over a year to review and select a provider.

Anchorage will work with USMS’s Asset Forfeiture Division which confiscates financial assets involved in federal crimes and criminal operations. Historically the Division has gotten hold of cash, real estate, art, and other traditional assets. In more recent years, digital assets have become more prevalent in criminal seizures. 

Besides digital custody, Anchorage will also be responsible for the liquidation, accounting, management, audit compliance, wallet creation and other actions associated with the virtual currency forfeiture process of the assets.

“Since the beginning, we have been vocal proponents of consumer protections and champions of compliance in the digital asset space,” said Anchorage founders Diogo Monica and Nathan McCauley. “We are incredibly proud of our team, and are incredibly proud to be named the digital asset platform trusted by the US Department of Justice.”

Anchorage received a $40 million investment led by Blockchain Capital and Visa in 2019 and another $80 million in February of this year led by Singapore’s GIC. The company was also awarded a national trust bank charter by the Office of the Comptroller of the Currency earlier this year. 

Other digital asset custody initiatives include Fireblocks, which raised $310 million at a $2 billion valuation this week, Tata’s solution powered by Thales, Ledger, and Gemini acquired Shard X

Image Copyright: artmagination