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.
Coinbase emerged victorious in a rigorous competitive due diligence process that led to this decision due to its strong track record and ability to safely provide institutional-grade crypto services at scale.
Since the start of its law enforcement program in 2014, Coinbase has collaborated with numerous law enforcement agencies globally, including all major U.S. federal, state, and local agencies. Coinbase’s goal of fostering secure markets in the crypto economy relies on these partnerships with law enforcement agencies.
Coinbase Prime, a publicly accessible and commercially available service, become a choice for the large holders of digital assets and institutions. Coinbase Prime, which debuted almost three years ago, is now the main partner for most spot cryptocurrency exchange-traded funds.
The agreement with USMS comes at a time when U.S. regulators, like as the Securities and Exchange Commission (SEC), have been closely examining Coinbase and posing legal obstacles. The SEC launched a lawsuit against Coinbase last year for operating without the required registration.
Coinbase Prime has shown strong performance in institutional trading despite these controversies. 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.
USMS chooses Coinbase Prime for secure, institutional-grade management of large-cap digital assets, reinforcing Coinbase’s commitment to law enforcement and market safety in crypto.
Also Read: Coinbase Adds CFTC Regulated Futures for Five Altcoins
