🌎 US Marshals Service Chooses Coinbase Prime for Crypto Management

The United States Marshals Service (USMS), a division of the Department of Justice, has chosen Coinbase Prime for the secure storage and trading of its large-cap digital assets. This decision marks a significant step in the U.S. cryptocurrency landscape.

The USMS conducted a thorough review of several options before selecting Coinbase, emphasizing its robust track record and ability to deliver secure, institutional-grade cryptocurrency services on a large scale.

Understanding Class 1 Digital Assets

Large-cap digital assets such as Bitcoin (BTC), Ethereum (ETH), and other top-tier cryptocurrencies by market value are classified as “Class 1” assets by the U.S. Marshals Service. These high-value cryptocurrencies require secure custody and advanced trading services to manage effectively.

These assets may have been confiscated from illegal activities or originated from other types of government contracts, necessitating a secure and reliable platform for their management.

Coinbase’s Law Enforcement Collaboration

Since 2014, Coinbase has been working with a wide range of agencies through its law enforcement program. Today, Coinbase collaborates closely with major U.S. federal, state, and local law enforcement agencies, as well as international agencies across all continents.

Coinbase Prime: A Trusted Platform

Coinbase Prime, available to the public, has been the platform of choice 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 demonstrates increasing institutional trust in Coinbase’s services. It also reflects a growing belief that cryptocurrency is a legitimate and viable asset in the eyes of the U.S. government.