Will be interesting to see how this 'pans out in the long run.
The US Marshals Service (USMS) has selected Coinbase Prime to safeguard and trade its large-cap digital assets. The custody services contract is valued at $32.5 million.
The United States Marshals Service (USMS), part of the U.S. Department of Justice, has selected Coinbase Prime to handle its large cap cryptocurrency assets.These assets, known as “Class 1” cryptocurrencies, are managed by the USMS to support federal law enforcement.Coinbase Prime will provide both custody and advanced trading services for these assets. The selection followed a rigorous competitive process, which Coinbase won.
Coinbase stated,
"We have a longstanding history of supporting law enforcement agencies, dating back to the founding of our law enforcement program in 2014. Today, we work with every major U.S. federal, state, and local law enforcement agency, as well as international agencies on every continent.”
By managing the USMS’s large cap digital assets, Coinbase said it wishes to continue expanding its “influence in the crypto economy.”
U.S. Marshals,
The decision to partner with Coinbase Prime was driven by its ability to provide secure, scalable services. The USMS said it needed a reliable partner to manage and dispose of large quantities of popular cryptocurrencies.
Coinbase’s history of supporting law enforcement agencies and its institutional-grade services made it the top choice. This partnership allows the USMS to handle a diverse range of cryptocurrencies more effectively, in line with Department and USMS policies.
