The U.S. Marshals Service (USMS), a component of the Department of Justice, has announced its selection of Coinbase Prime to provide custody services for large-scale digital assets and “advanced trading services.”
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U.S. Marshals Service Chooses Coinbase Custody
U.S. Marshals Service: Diversifying Seized Asset Types
U.S. Marshals Service Chooses Coinbase Custody
According to a Coinbase announcement, the U.S. Marshals Service will pay $32.5 million to Coinbase Prime for custody services.
The announcement states:
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The U.S. Marshals Service (USMS), the Department of Justice agency responsible for asset forfeiture, has announced the selection of Coinbase Prime. The USMS conducted a competitive due diligence process, evaluating a range of solutions, and ultimately chose Coinbase for its strong track record in business and its ability to securely provide institutional-grade crypto services at scale.
Coinbase emphasizes its long-standing history of supporting law enforcement agencies, dating back to the establishment of its law enforcement program in 2014.
The announcement also notes that Coinbase Prime has been operational for about 3 years, becoming the platform of choice for institutions and holders, including being a major partner for the vast majority of crypto spot ETFs. Institutional trading volume for the first quarter of this year alone reached $256 billion.
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BlackRock adopts Coinbase Prime to provide crypto services to institutional clients, COIN stock rises over 40%
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U.S. Marshals Service: Diversifying Seized Asset Types
The U.S. Marshals Service also announced specific requirements for “managing and disposing of large volumes of mainstream crypto assets.”
This will necessitate the use of leading custody and clearing technologies in the crypto industry, carried out in a professional, legal, and compliant manner in accordance with USMS policies. This contract will also streamline custody and disposal processes for crypto assets managed under asset forfeiture programs, while diversifying the types of crypto assets managed.
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