The U.S. Marshals Service Chooses Coinbase Prime to Hold and Facilitate Trading of Its Digital Assets

The U.S. Department of Justice’s U.S. Marshals Service (USMS), which is in charge of asset forfeiture, has chosen Coinbase Prime to hold and facilitate trading of its “Class 1” large-cap digital assets.

The United States Department of Justice’s U.S. Marshals Service (USMS), which is responsible for asset forfeiture, has selected Coinbase Prime to provide custody and advanced trading services for the agency’s “Class 1” (large cap) digital assets, which it manages centrally.

Coinbase Prime, a service available to the public and institutions, was selected following a competitive due diligence process. The USMS highlighted Coinbase’s strong track record and experience in providing institutional-grade crypto services at scale.

Coinbase has been engaged in a law enforcement program since 2014, working with various agencies worldwide, including all major U.S. federal, state, and local agencies. These partnerships, according to Coinbase, support its goal of fostering secure markets in the crypto economy.

Coinbase Prime, which launched almost three years ago, has become the primary partner for the majority of spot cryptocurrency exchange-traded funds. The agreement with USMS comes at a time when Coinbase is facing close scrutiny from U.S. regulators such as the Securities and Exchange Commission (SEC).

Last year, the SEC filed a lawsuit against Coinbase for operating without the necessary registration. Despite these controversies, Coinbase Prime has seen strong performance in institutional trading.

As of March 31, 2024, Coinbase had $330 billion in assets under protection and $256 billion in institutional trading volume during the first quarter of 2024.

The above is the detailed content of The U.S. Marshals Service Chooses Coinbase Prime to Hold and Facilitate Trading of Its Digital Assets. For more information, please follow other related articles on the PHP Chinese website!