US Marshals Service Announces Partnership With Coinbase

Dave Baker
Source – The Block

The US Marshals Service has announced a partnership with Coinbase to safeguard and trade its large-cap digital assets portfolio. In a Coinbase announcement, the platform announced that the DOJ division is partnering with Coinbase Prime to provide custody and advanced trading services for the agency’s “Class 1” digital assets.

“The USMS conducted a competitive due diligence process that evaluated a range of solutions, ultimately choosing Coinbase due to our strong track record and ability to securely provide institutional-grade crypto services at scale,” Coinbase said in a press release. The USMS requires managing and disposing of large quantities of Class 1 cryptocurrencies. Since Coinbase has a long history of working with law enforcement agencies, they were a likely choice for the DOJ division.

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According to the US Marshals Service, the Coinbase contract will also streamline custody, management, and disposal processes for cryptocurrency assets. The partnership also allows for the diversification of the type of cryptocurrency assets that can be managed and disposed of under the Government’s forfeiture programs.

Coinbase is the primary partner for a vast majority of the spot crypto ETFs. As of March 31, 2024, Coinbase safeguarded $330 billion of assets, according to the exchange.