Coinbase Gains Favor with US Marshals Service Collaborates to Provide Cryptocurrency Custody Services
The U.S. Marshals Service (USMS), which belongs to the Department of Justice, has announced the selection of Coinbase Prime to provide custody and “advanced trading services” for large digital assets.
U.S. Marshals Service Chooses Coinbase for Custody
According to a Coinbase announcement, the U.S. Marshals Service will pay $32.5 million to Coinbase Prime for custody services.
The announcement stated that the Department of Justice’s asset forfeiture agency, the U.S. Marshals Service (USMS), has selected Coinbase Prime. USMS conducted a competitive due diligence process, evaluating a range of solutions, and ultimately chose Coinbase due to our strong track record of business and our ability to securely provide institutional-grade encryption services on a large scale.
Coinbase emphasized the company’s long history of supporting law enforcement agencies, dating back to the establishment of a law enforcement program in 2014.
The announcement also mentioned that Coinbase Prime has been in operation for about three years and has become the platform of choice for institutions and holders, including being the primary partner for the vast majority of cryptocurrency spot ETFs, with institutional trading volume reaching $256 billion in the first quarter of this year.
U.S. Marshals Service: Diversified Assets Seized
The U.S. Marshals Service also announced that there is a specific need for “managing and disposing of large amounts of mainstream cryptocurrency assets” in this cooperation.
This will require the use of leading custody and clearing technologies in the cryptocurrency industry, and will be carried out in a professional, legal, and compliant manner in accordance with USMS policies. This contract will also streamline the custody and disposal process of cryptocurrency assets, while diversifying the types of cryptocurrency assets managed under the forfeiture program.
