Coinbase has announced that it will be providing custody and advanced trading services for the United States Marshals Service (USMS) through its institutional investing arm, Coinbase Prime.
In a notice dated July 1, Coinbase revealed that the USMS had selected Coinbase Prime to manage large-cap digital assets. This partnership supports the federal agency’s role in handling asset forfeiture, which sometimes includes cryptocurrencies seized by the Justice Department.
In 2022, the Justice Department’s Office of the Inspector General highlighted that the USMS faced challenges in managing and tracking cryptocurrency. By March 2023, the USMS began looking for companies to provide crypto custody services.
Coinbase, a U.S.-based cryptocurrency exchange, has a history of assisting law enforcement agencies with custody and sales of seized cryptocurrencies. The USMS has previously held assets from defunct cryptocurrency exchange FTX and the notorious Silk Road platform. According to government records, Coinbase Prime received over $32 million for the USMS contract.
Summary Review: This partnership between Coinbase and the US Marshals Service reflects the increasing need for secure and efficient management of digital assets by federal agencies. This move also underscores Coinbase’s growing role as a trusted custodian in the crypto industry.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
