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Coinbase Prime has landed a $32.5 million contract with the <a href="https://coingape.com/who-owns-most-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">U.S. Marshals Service </a>(USMS). The partnership mandates <a href="https://coingape.com/bitcoin-price-slides-as-us-government-moves-4000-btc-to-coinbase-prime/" target="_blank" rel="noopener noreferrer nofollow">Coinbase Prime</a> to custody and manage large-cap digital assets. This collaboration marks a critical step in utilizing blockchain technology for government asset management and reflects a strengthening trust in digital currencies’ viability and security.
<h2 id="strong-coinbase-prime-secures-major-government-contract-strong">Coinbase Prime Secures Major Government Contract</h2>
Coinbase Prime will offer advanced trading services and custody solutions, managing the considerable volume of <a href="https://coingape.com/historic-2-billion-bitcoin-moved-by-us-government-to-coinbase/" target="_blank" rel="noopener noreferrer nofollow">digital assets</a> seized under the US government’s forfeiture programs. The selection of Coinbase for this role followed a thorough competitive evaluation, showcasing its capability to operate securely on a large scale. The agency has emphasized the need for professional, lawful management and disposal of cryptocurrency assets, which must align with the stringent policies of the Department of Justice and USMS.
Moreover, the contract aims to enhance the efficiency of the processes involved in handling digital assets. By consolidating custody and management operations, the USMS intends to improve the administration and liquidation of these assets. The arrangement also supports the diversification of cryptocurrency types that the government can manage and dispose of, broadening the scope of its digital asset capabilities.
Also Read: <a href="https://coingape.com/circle-bags-micas-e-money-license-for-usdc-and-eurc/" target="_blank" rel="noopener noreferrer nofollow">Circle Bags MiCA’s E-Money License For USDC and EURC</a>
<h2 id="strong-coinbase-sues-u-s-agencies-amid-challenges-strong">Coinbase Sues U.S. Agencies Amid Challenges</h2>
The agreement with the USMS comes when Coinbase has faced significant scrutiny and legal challenges from U.S. regulators, including the <a href="https://coingape.com/sec-sues-consensys-for-conducting-securities-via-metamask/" target="_blank" rel="noopener noreferrer nofollow">Securities and Exchange Commission </a>(SEC). Last year, the SEC filed a lawsuit against Coinbase for operating without proper registration, a case still progressing through the judicial system. Despite these hurdles, Coinbase continues to assert its presence in the digital asset space, recently suing several federal agencies over alleged discriminatory practices against the cryptocurrency sector.
Despite these controversies, Coinbase Prime has demonstrated robust performance in institutional trading. As of the first quarter of 2024, the platform safeguarded assets worth approximately $330 billion and recorded significant institutional trading volume. This ongoing success and the new <a rel="noopener noreferrer nofollow" href="https://www.coinbase.com/blog/u-s-marshals-service-chooses-coinbase-to-safeguard-trade-its-large-cap" target="_blank">partnership</a> with the USMS underline growing institutional confidence in Coinbase’s capabilities and cryptocurrency’s legitimacy as a substantial asset class.
Also Read: <a href="https://coingape.com/metaplanet-boosts-bitcoin-strategy-with-101-share-consolidation-amid-key-changes/#:~:text=This%20move%20indicates%20Metaplanet's%20intention,of%20authorized%20shares%20to%2022%2C823%2C794." target="_blank" rel="noopener noreferrer nofollow">Metaplanet Boosts Bitcoin Strategy With 10:1 Share Consolidation Amid Key Changes</a>
The post <a href="https://coingape.com/what-does-the-us-marshals-service-gain-from-partnering-with-coinbase/" rel="noopener noreferrer nofollow">What Does the US Marshals Service Gain from Partnering with Coinbase?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

What Does the US Marshals Service Gain from Partnering with Coinbase?

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