PALO ALTO — BitGo, a specialist in digital asset financial services, has been awarded a contract to custody digital assets for the U.S. Marshals Service (USMS). BitGo was selected for its institutional-grade qualified custody solutions.
Through BitGo Trust Company, based in South Dakota, the company will secure digital assets for the USMS with security, regulatory oversight and operational efficiency.
The Marshals Service is a division of the U.S. Department of Justice. Its duties include protecting the federal judiciary, apprehending federal fugitives, managing and selling seized assets acquired by criminals through illegal activities, housing and transporting federal prisoners.
BitGo processes over 20% of all global Bitcoin transactions, and supports over 400 coins and tokens. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and institutional investors and spans more than 50 countries.
BitGo is backed by Goldman Sachs, Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners.
“The team at BitGo is honored to be chosen as the partner for the US Marshals Service. We are committed to ensuring the digital assets of our partners are managed in the most secure way possible in order to fulfill the USMS mission of ‘Justice, Integrity, and Service’,” said Peter Najarian, Chief Revenue Officer, BitGo. “We see this as a validation of the financial infrastructure that we have built from the ground up since 2013 and our achievement to provide the most secure environment for digital assets in the marketplace today.”
In 2018, BitGo Trust Company became the first qualified custodian purpose-built for storing digital assets through the South Dakota Division of Banking. Built on BitGo’s pioneering, multi-signature protocols, BitGo Custody delivers modern security for an emerging asset class. BitGo Custody offerings provide strict policies, procedures, and controls that are only offered through a qualified custodian.
In 2021, BitGo launched BitGo New York Trust to operate as an independent, regulated qualified custodian under New York State Banking Law.
BitGo has headquarters in Palo Alto.