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In this rapidly evolving cryptocurrency landscape, a recent update from Coinbase Institutional has gained massive attention from investors and institutions. On July 1, 2024, Coinbase Institutional published a report stating that the United States Marshals Services has shortlisted Coinbase Prime to provide custody and advanced trading services for its large-cap digital assets portfolio.&nbsp; Coinbase (COIN) soars 4%, the reason&nbsp; 
However, the reason for selectingCoinbase to provide custody and advanced trading services is that the USMS faced many challenges in managing and tracking seized cryptocurrencies. 
The United States Marshals Services (USMS) is an agency within the U.S. Department of Justice that handles asset forfeiture. According to Coinbase, the USMS has conducted a competitive due diligence process where they have evaluated a range of services across the industry and they found Coinbase as a prime and top service provider. As Coinbase has a strong track record and ability to provide top-grade crypto services at scale.
Following this major update, Coinbase Global Inc (NASDAQ: COIN) surged nearly 4%. However, we have witnessed a similar price surge when asset managers choose Coinbase as their custodial partner. Currently, Coinbase plays an important role in the <a href="https://news.todayq.com/coinbase-crypto-stocks-soar-after-sec-greenlights-bitcoin-etfs/" rel="noopener noreferrer nofollow">spot Bitcoin ETF </a>(Exchange Traded Fund) in the United States as it is a custodial partner for asset management giants including BlackRock, Franklin Templeton, and WisdomTree.&nbsp; Coinbase major collaboration 
In this report, Coinbase stated that they work with every major U.S. federal, state, and local law enforcement agency, as well as international agencies on every continent. As of March 31, 2024, Coinbase Prime has safeguarded nearly $330 billion of assets. Whereas, Coinbase cryptocurrency exchange recorded over $256 billion in institutional trading volume in Q1 2024.
Following this update, the crypto market remained neutral. As of writing the overall market is up by 1.5%, whereas top assets including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Cardano (ADA) have experienced a price surge of over 2.3%, 1.5%, 2.3%, and 5% respectively in the last 24 hours.

US Marshals tap Coinbase for Crypto custody, COIN jumps 4%

Todayq News

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