US Marshals Service Selects Coinbase for Digital Asset Trading
Date: 2024-07-03 Author: Oliver Abernathy Categories: BUSINESS
The US Marshals Service (USMS), a division of the US Department of Justice, has selected cryptocurrency exchange Coinbase to provide custody and trading services for digital assets. This decision was made after a rigorous competitive selection process, during which various candidates were assessed.
Role of the US Marshals Service
The U.S. Marshals Service is an important branch of the Department of Justice that is responsible for asset forfeiture. This includes not only physical assets, but also digital ones, making choosing a reliable partner to manage such assets critical.
The agency conducted a competitive selection process that assessed various platforms for providing services for storing and trading digital assets. The goal was to select a partner who could provide reliable and secure management of “large cap” or “class 1” assets.
Why Coinbase?
Coinbase was selected due to its “strong track record and ability to securely provide institutional-grade cryptocurrency services.” The Coinbase Prime platform used for these purposes is a commercial and public service that has already established itself as the primary partner for large digital asset holders and the vast majority of spot cryptocurrency ETFs.
Coinbase Prime is a platform designed for institutions and large investors in digital assets. It provides advanced trading and custody capabilities, making it ideal for handling assets that are seized by the USMS.
Advantages of the Platform
The platform offers secure asset custody and advanced trading features, making it the preferred choice for institutional clients. It was these characteristics that allowed Coinbase to win the competitive selection and become a partner of the US Marshals Service.
We previously reported on a case where a Bitcoin whale transferred 1,000 BTC after six years of inactivity. These assets were sent to the Coinbase Prime platform, highlighting the confidence of major players in this platform and its importance to the cryptocurrency market.
The selection of Coinbase as a U.S. Marshals Service digital asset management partner underscores the platform's significance in the cryptocurrency industry. With its expertise and security, Coinbase continues to strengthen its position as a leading provider of institutional-grade cryptocurrency services.
