- The U.S. Marshals Service (USMS) has selected Coinbase Prime to securely store and trade its significant digital assets.
- Coinbase Prime, a prominent institutional platform offered by Coinbase, emerged as the top choice after a comprehensive assessment by the USMS.
- “Today, the U.S. Marshals Service (USMS), part of the U.S. Department of Justice responsible for asset forfeiture, announced it has chosen Coinbase Prime for its custody and advanced trading services for ‘Class 1’ (large cap) digital assets,” stated the release.
Discover how the USMS’s new partnership with Coinbase Prime is set to revolutionize the handling of major digital assets, featuring advanced security and trading capabilities.
“Class 1” Digital Assets
The USMS conducted an extensive review of various solutions before selecting Coinbase Prime, thanks to its proven ability to deliver secure, institutional-grade crypto services at a large scale.
“Today, the U.S. Marshals Service (USMS), an agency within the U.S. Department of Justice that is responsible for asset forfeiture, announced that it selected Coinbase Prime to provide custody and advanced trading services for the agency’s “Class 1” (large cap) digital assets,” stated the press release.
Class 1 digital assets, such as major cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH), play a crucial role in supporting federal law enforcement through the USMS.
These digital assets often come from government seizures and contracts, necessitating stringent security measures and sophisticated trading capabilities.
The collaboration aims to enhance the management, administration, and liquidation of cryptocurrencies, expanding the range of digital assets handled within government forfeiture programs.
The agreement is structured under a single-award Indefinite Delivery/Indefinite Quantity (IDIQ) contract, with an initial ordering period of five years and a potential six-month extension.
Coinbase Prime
Coinbase has a longstanding history of working with various agencies since launching its law enforcement program in 2014.
Today, Coinbase collaborates with an extensive network of U.S. federal, state, and local law enforcement agencies, as well as international counterparts. These partnerships are essential in driving the secure and efficient expansion of the crypto economy, in line with Coinbase’s core mission.
Coinbase Prime, launched nearly three years ago, has become the preferred platform for institutions and large digital asset holders. As of March 31, 2024, Coinbase reported the safekeeping of $330 billion in assets and an impressive $256 billion in institutional trading volume for Q1 2024.
Conclusion
This strategic partnership between the USMS and Coinbase Prime underscores the critical role of security and advanced trading capabilities in the management of significant digital assets. By leveraging Coinbase Prime’s robust institutional platform, the USMS aims to optimize the handling and liquidation of cryptocurrencies, thereby supporting federal law enforcement and expanding the scope of government asset forfeiture programs.
