The U.S. Marshals Service (USMS), part of the Department of Justice, announced its selection of Coinbase Prime to provide custody and “advanced trading services” for large-scale digital assets.
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US Marshals Service Selects Coinbase for Custody
US Marshals Service: Diversification of Seized Asset Types
US Marshals Service Selects Coinbase for Custody
According to a Coinbase announcement, the US 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 agency responsible for “asset forfeiture” within the Department of Justice, announced its selection of Coinbase Prime. USMS conducted a competitive due diligence process, evaluating a range of solutions, and ultimately chose Coinbase because of its strong track record and ability to securely deliver institutional-grade crypto services at scale.
Coinbase emphasized the company’s long history of supporting law enforcement agencies, dating back to the establishment of its law enforcement program in 2014.
The announcement also mentioned that Coinbase Prime, launched about three years ago, has become the preferred platform for institutions and holders, including being the primary partner for the vast majority of crypto spot ETFs, with institutional trading volume reaching $256 billion in the first quarter of this year.
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US Marshals Service: Diversification of Seized Asset Types
The US Marshals Service
announcement
stated that this collaboration addresses the specific need for “managing and disposing of large amounts of mainstream crypto assets.”
This will require the use of leading custody and clearing technologies in the crypto industry and will be carried out in a professional, legal, and policy-compliant manner with US Marshals Service standards. The contract will also streamline the custody and disposal process of cryptocurrency assets, while allowing for diversification of crypto asset types managed under the forfeiture program.
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