The US Marshals Service has chosen crypto startup Anchorage as its custodian for the cryptocurrencies seized in criminal cases.

One of the primary law enforcement agencies of the Department of Justice (DOJ), USMS has been searching for a custodian since 2019 which has now come to an end with Anchorage which offers a wide range of services including custody, disposal, and accounting.

After over a year-long process, “Anchorage Digital has been selected as the provider of digital asset custody and financial services” for USMS, said the startup in a statement.

Previously, the $4.5 million contract was won by BitGo in late April which was then acquired by Galaxy Digital in May.

The Marshals Service has been auctioning Bitcoin for a long time. It was during such auctions, that venture capitalist Tim Draper accrued his Bitcoin fortune by winning USMC’s 2014 auction of 30,000 confiscated BTC from the now-defunct Silk Road.

Since 2014, the agency has seized and sold more than 185k BTC worth more than $7.2 billion.

Anchorage, which raised $80 million in a funding round earlier this year from a16z, GIC, and others, also obtained conditional approval from the US Office of the Comptroller of the Currency for its national bank charter in January this year.

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