The US Marshals Service (USMS) has awarded Coinbase Prime a $32.5 million contract to safeguard and trade its large-cap digital assets. This decision, made after thorough due diligence by the USMS, part of the US Department of Justice responsible for asset forfeiture, highlights Coinbase Prime’s reputation for strong security and reliable service. Many institutional investors already trust Coinbase Prime for trading and storing digital assets securely.
- As of March 31, 2024, Coinbase secured $330 billion in assets and had $256 billion in institutional trading volume in Q1 2024.
- The USMS believes the Coinbase contract will streamline the custody, management, and disposal of cryptocurrency assets while diversifying the types of crypto assets managed under the government’s forfeiture programs.
- This partnership supports Coinbase’s goals to foster safe and efficient markets within the expanding crypto economy.
The contract comes amidst an SEC crackdown on Coinbase and the crypto industry. In response, Coinbase has filed a lawsuit against the SEC and FDIC, seeking documents on regulators’ classification of crypto tokens and their actions against the crypto industry.
