Crypto custody financial institution Anchorage Digital might be offering digital asset providers for the c for seized funds associated to federal crimes.

In a Wednesday announcement from Anchorage, the digital asset platform said the U.S. Marshals Service, or USMS, “seized some quantity of digital belongings lately” which required a associate within the area to offer sure monetary providers. Anchorage might be chargeable for custodying, liquidating and different actions as a part of the forfeiture course of.

Anchorage co-founders Diogo Mónica and Nathan McCauley cited the platform’s “stringent processes and procedures” as seemingly elements within the USMS choice. 

In accordance with a 2019 proposal, the U.S. Marshals’ workplace had been seeking a digital asset platform able to accounting, buyer administration, audit compliance, managing blockchain forks, pockets creation and the transformation of token belongings into coin belongings. The federal company has seized hundreds of Bitcoin (BTC), Ether (ETH) and different cryptocurrencies, commonly auctioning off the confiscated funds to the general public.

Some estimates put the quantity of Bitcoin the USMS has seized since 2014 at greater than 185,000 BTC — roughly $7.5 billion on the time of publication — which incorporates funds from the now-defunct market Silk Highway. Nonetheless, different authorities officers should still be chargeable for crypto seized from DarkSide hackers following a ransom paid for the assault on the Colonial Pipeline system earlier this yr.

Associated: A legal asset after all? Governments are cashing in on seized crypto

Because the first crypto firm to receive a charter from the U.S. nationwide financial institution regulator in January, Anchorage has steadily expanded into the crypto market. The corporate raised $80 million in February and later partnered with Prometheum to launch another crypto buying and selling system.