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The US Marshals Service (USMS), part of the Department of Justice (DoJ) and responsible for handling asset forfeiture, has partnered with Coinbase Prime.<h2 id="header-0">Get Instant 100,000 CHIKA Tokens Airdrop Worth Of $100 USD Free On <a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow">www.ChikaMoji.lol</a></h2><img src="https://academy-public.coinmarketcap.com/optimized-uploads/a58dcc7e6a94442db62622d76a381c3d.png" /><blockquote>This branch of the well-known cryptocurrency exchange Coinbase will manage custody and trading services for the large amounts of cryptocurrency held by the USMS. This partnership was announced in a blog post by Coinbase on Monday.</blockquote><img src="https://academy-public.coinmarketcap.com/optimized-uploads/90cc796451f54c869200777b397f6656.png" /><h3 id="coinbase-prime-partners-with-usms-for-32-5m-crypto-custody-deal">Coinbase Prime Partners with USMS for $32.5M Crypto Custody Deal</h3>The US Marshals Service (USMS) has selected Coinbase Prime for managing its cryptocurrency assets due to its strong reputation and ability to offer top-tier institutional services. Under the agreement, the USMS will pay Coinbase Prime $32.5 million.In return, Coinbase Prime will handle and sell the large volumes of major cryptocurrencies held by the USMS. This deal reinforces Coinbase Prime’s position as a trusted custodian, with over $330 billion in assets currently under its protection.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/12ea2762ccc140cfb1cd922b8735dd50.png" />Source: <a href="https://x.com/CoinbaseInsto/status/1807796458189378013?ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">X</a>Since its launch nearly three years ago, Coinbase Prime has become a popular choice for <a href="https://cryptosheadlines.com/half-of-institutions-embrace-digital-assets-report/" rel="noopener noreferrer nofollow">institutions and major digital asset</a> holders. It has established itself as a key partner for several spot cryptocurrency <a href="https://cryptosheadlines.com/us-sec-set-to-reject-ethereum-exchange-traded-funds-etfs-reports-reuters/" rel="noopener noreferrer nofollow">exchange-traded funds</a> (ETFs).<h2 id="header-1">Get Instant 100,000 CHIKA Tokens Airdrop Worth Of $100 USD Free On <a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow">www.ChikaMoji.lol</a></h2><img src="https://academy-public.coinmarketcap.com/optimized-uploads/a58dcc7e6a94442db62622d76a381c3d.png" /><h3 id="coinbase-partners-with-us-marshals-service-for-32-5m-crypto-custody-deal">Coinbase Partners with US Marshals Service for $32.5M Crypto Custody Deal</h3>Coinbase Prime has secured a $32.5 million contract with the US Marshals Service (USMS), part of the Department of Justice, to manage and liquidate cryptocurrency assets. This partnership highlights Coinbase Prime’s established reputation and capability to handle institutional-grade cryptocurrency services.<a href="https://cryptosheadlines.com/bitcoin-jumps-5-can-bulls-regain-control/" rel="noopener noreferrer nofollow">Also Read: Bitcoin Jumps 5%: Can Bulls Regain Control?</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/cb516520bb0a4901827dc896490ffb84.png" />Source: <a href="https://x.com/RasterlyRock/status/1786140390858625402?ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">X</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/90cc796451f54c869200777b397f6656.png" />Under this agreement, Coinbase Prime will oversee the custody and trading of significant volumes of cryptocurrencies held by the USMS. This move further solidifies Coinbase Prime’s position as a trusted custodian, with the firm currently safeguarding over $330 billion in assets.Coinbase Prime’s role extends beyond this new contract. The platform has become a preferred choice for institutions and major digital asset holders since its launch nearly three years ago. It has also established itself as a key partner for various spot cryptocurrency exchange-traded funds (ETFs).In the first quarter of 2024, Coinbase reported impressive institutional trading volumes of $256 billion. The company’s financial performance includes a revenue of $1.6 billion, a <a href="https://cryptosheadlines.com/coinbase-earns-1-18-billion-in-net-income-in-q1-2024/" rel="noopener noreferrer nofollow">net income of $1.2 billion</a>, and a significant increase in cash and operational metrics compared to the previous quarter.Coinbase continues to demonstrate its commitment to law enforcement, a pledge it has upheld since launching its law enforcement program in 2014. The choice of Coinbase for this custody role aligns with the recent sale of 3,940 Bitcoin by the US government, valued at approximately $240 million, seized from a narcotics trafficker. The US government now holds around 200,000 Bitcoins, worth about $5 billion, through various criminal seizures.<h3 id="coinbase-lands-32-5m-usms-deal-despite-regulatory-hurdles">Coinbase Lands $32.5M USMS Deal Despite Regulatory Hurdles</h3>Coinbase Prime has been awarded a $32.5 million contract by the US Marshals Service (USMS) to manage and liquidate cryptocurrency assets seized by the agency. This partnership highlights Coinbase Prime’s established reputation and its ability to <a href="https://cryptosheadlines.com/binance-suspends-aussie-deposits-and-withdrawals-amid-payment-service-provider-disruption/" rel="noopener noreferrer nofollow">provide institutional-grade cryptocurrency services</a>. Under this agreement, Coinbase Prime will handle the custody and trading of significant volumes of cryptocurrencies, further solidifying its role as a reliable custodian in the market. The platform currently oversees over $330 billion in assets.<a href="https://cryptosheadlines.com/shiba-inu-burn-rate-soars-1100-shib-to-0-00002-soon/" rel="noopener noreferrer nofollow">Also Read: Shiba Inu Burn Rate Soars 1100%; SHIB to $0.00002 Soon?</a>Coinbase Prime’s prominence continues to grow as it has become a key partner for various spot cryptocurrency exchange-traded funds (ETFs) and has seen increasing popularity among institutions and major digital asset holders. In the first quarter of 2024, Coinbase reported strong institutional trading volumes of $256 billion, with significant financial metrics including $1.6 billion in revenue and $1.2 billion in net income.Despite its success, Coinbase faces ongoing regulatory challenges. The US District Court for the Southern District of New York has allowed the SEC’s lawsuit against Coinbase to proceed, questioning whether the exchange operates as an unregistered securities exchange. Coinbase has also encountered difficulties with regulatory bodies, including claims that the SEC and the Federal Deposit Insurance Corporation (FDIC) are unjustly blocking its access to certain documents.On a positive note, Coinbase has received upgraded ratings from Bank of America and KBW, reflecting growing confidence in the company’s market position and future prospects. Bank of America has raised its rating from underperform to neutral, increasing the price target from $110 to $217, while KBW has adjusted its target from $160 to $230, maintaining a market performance rating. These upgrades come amidst Coinbase’s ongoing legal battles but underscore the firm’s strong standing in the financial markets.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/4e083142dfe046c4a626f042c4927b61.png" />Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Coinbase Teams Up with US DOJ for $32M Crypto Custody and Trading Deal

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