The United States Marshals Service Will Use Coinbase Prime for Digital Asset Custody and Trading
- PHPzOriginal
- 2024-07-02 07:32:001009browse
The U.S. Marshals Service (USMS), a division of the Department of Justice, has chosen Coinbase Prime to securely store and trade its “Class 1” (large cap) digital assets
The United States Marshals Service (USMS) has selected Coinbase Prime to serve as the custodian and trader for its Class 1 digital assets, a significant development in the crypto space.
The USMS conducted a competitive due diligence process to evaluate several options before choosing Coinbase. The organization assessed each candidate's track record and ability to provide secure, institutional-grade cryptocurrency services at scale.
The Class 1 digital assets, which may include Bitcoin (BTC), Ethereum (ETH), and other top-tier cryptocurrencies by market value, are typically considered large-cap digital assets by the U.S. Marshals Service. These high-value cryptocurrencies require secure custody and advanced trading services.
The assets may have been confiscated from illegal activities or originate from other types of government contracts.
Coinbase has been working with a wide range of agencies through its law enforcement program since 2014. Today, Coinbase works closely with every major U.S. federal, state, and local law enforcement agency and international agencies on all continents.
Coinbase Prime, a service that has been publicly available for nearly three years, serves as the platform for institutions and large holders of digital assets. As of March 31, 2024, Coinbase safeguarded $330 billion in assets and recorded $256 billion in institutional trading volume in Q1 2024.
The USMS's decision to partner with Coinbase Prime showcases increasing institutional trust in and reliance on Coinbase's services. It also signals a growing belief in the legitimacy and viability of cryptocurrency in the eyes of the U.S. government
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