United States Marshals Service Partners with Coinbase Prime for Digital Asset Custody and Trading

The United States Marshals Service Partners with Coinbase Prime for Digital Asset Custody and Trading

In a groundbreaking move for the U.S. crypto space, the United States Marshals Service (USMS) has selected Coinbase Prime to securely store and trade its “Class 1” digital assets. This decision marks a significant milestone in the adoption of cryptocurrency by government agencies.

After conducting a thorough review of various options, the USMS chose Coinbase Prime for its strong track record and ability to provide secure, institutional-grade cryptocurrency services at scale. Large-cap digital assets such as Bitcoin and Ethereum are considered “Class 1” assets by the USMS and require top-notch custody and trading solutions.

These assets, which may have been seized from illegal activities or obtained through government contracts, will now be securely stored and traded on Coinbase Prime. Since 2014, Coinbase has worked closely with law enforcement agencies and has established itself as a trusted partner in the crypto space.

Coinbase Prime, a service tailored for institutions and large holders of digital assets, has been in operation for nearly three years. With $330 billion in assets safeguarded and $256 billion in institutional trading volume in Q1 2024, Coinbase Prime has proven itself as a reliable platform for handling large-scale transactions.

The USMS’s decision to partner with Coinbase Prime not only demonstrates the growing institutional trust in cryptocurrency services but also signifies a shift in the perception of digital assets as legitimate and viable investments. This partnership highlights the increasing acceptance of cryptocurrency within the U.S. government and sets a precedent for future collaborations between government agencies and crypto service providers.