DOJ Selects Coinbase to Provide Crypto Services to US Marshals Service

The Department of Justice (DOJ)’s U.S. Marshals Service has selected crypto exchange Coinbase to provide crypto custody and trading services. The U.S. government’s contract, valued at over $32 million, aims to streamline the management and disposal of seized cryptocurrencies, ensuring professional and lawful handling.

Coinbase Wins $32M Contract With US Marshals Service

Crypto exchange Coinbase (Nasdaq: COIN) announced on Monday that the U.S. Marshals Service, an agency within the U.S. Department of Justice (DOJ) responsible for asset forfeiture, has selected Coinbase Prime to provide custody and advanced trading services for its digital assets. Coinbase detailed:

After a comprehensive process, the U.S. Marshals Service (USMS), a division of the U.S. Department of Justice, selected Coinbase Prime as its partner to safeguard and trade its ‘Class 1’ (large cap) digital assets.

The System for Award Management (sam.gov), an official website of the U.S. government, has disclosed details about the contract issued by the Justice Department’s U.S. Marshals Service for cryptocurrency managed services. The contract was awarded to Coinbase Inc. on June 28, with a total contract value of $32,522,694.16.

The contract specifies that the U.S. Marshals Service, on behalf of the Asset Forfeiture Division (AFD), “has a requirement for managing and disposing of large quantities of popular cryptocurrency assets, known as Class 1 cryptocurrencies.” Emphasizing that “This will require the use of multiple, industry leading, storage and liquidation techniques employed in a manner that is professional, lawful, and consistent with Department and USMS policy,” the contract notes:

This contract will also streamline custody, management, and disposal processes for cryptocurrency assets while allowing for the diversification of the type of cryptocurrency assets that can be managed and disposed of under the government’s forfeiture programs.

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