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The United States Marshals Service will use Coinbase Prime for digital asset custody and trading
The U.S. Marshals Service (USMS), a division of the Department of Justice, has chosen Coinbase Prime to securely store and trade its “Class 1” (large cap) digital assets, marking a noteworthy development for the U.S. crypto space.
The USMS <a href="https://www.coinbase.com/blog/u-s-marshals-service-chooses-coinbase-to-safeguard-trade-its-large-cap" target="_blank" rel="noopener noreferrer nofollow">reportedly</a> reviewed several options before selecting Coinbase through a competitive due diligence process. Coinbase stood out for its strong track record and its capacity to provide secure, institutional-grade cryptocurrency services on a large scale.
Large-cap digital assets such as Bitcoin (BTC), Ethereum (ETH), and other top-tier cryptocurrencies by market value are <a href="https://sam.gov/opp/c7ce250733cf4d5c9ccd072adde93acb/view" target="_blank" rel="noopener noreferrer nofollow">typically considered</a> “Class 1” assets by the U.S. Marshals Service. These high-value cryptocurrencies require secure custody and advanced trading services.
These assets may have been <a href="https://crypto.news/us-usms-auction-37-seized-bitcoin-btc/" target="_blank" rel="noopener noreferrer nofollow">confiscated</a> from illegal activities or originated from other types of government contracts.
Since 2014, <a href="https://crypto.news/tag/coinbase/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a> has consistently collaborated with a wide range of agencies through its law enforcement program.&nbsp; Today, Coinbase works closely with every major U.S. federal, state, and local law enforcement agency and international agencies on all continents.&nbsp;
<h2 class="wp-block-heading" id="coinbase-prime">Coinbase Prime&nbsp;</h2>
Coinbase Prime, a <a href="https://prime.coinbase.com/portfolio" target="_blank" rel="noopener noreferrer nofollow">publicly available service</a>, has been the platform for institutions and large holders of digital assets for nearly three years. As of March 31, 2024, Coinbase safeguarded $330 billion in assets and recorded $256 billion in institutional trading volume in Q1 2024.
The USMS’s decision to partner with Coinbase Prime shows that institutional trust in and reliance on Coinbase’s services is increasing. It also indicates a growing belief that cryptocurrency is a legitimate and <a href="https://crypto.news/u-s-government-is-now-largest-bitcoin-whale-with-5b-in-btc/" target="_blank" rel="noopener noreferrer nofollow">viable asset</a> in the eyes of the U.S. government.&nbsp;

Coinbase to hold crypto for the US government

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crypto.news

Інші статті, опубліковані 1 лип. 2024 р.

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