US Marshals Service Selects Coinbase Prime to Securely Manage “Class 1” Digital Assets

The NFT Unicorn Coinbase_America US Marshals Service Selects Coinbase Prime to Securely Manage “Class 1” Digital Assets Crypto News

The U.S. Marshals Service (USMS) has chosen Coinbase Prime to securely store and trading of its “Class 1” digital assets.

Coinbase Prime, a leading institutional platform offered by Coinbase, was selected following a rigorous evaluation process conducted by the USMS.

“Class 1” Digital Assets

The USMS assessed multiple solutions before opting for Coinbase based on its established track record and capability to provide secure, institutional-grade crypto services at scale.

“Today, the U.S. Marshals Service (USMS), an agency within the U.S. Department of Justice that is responsible for asset forfeiture, announced that it selected Coinbase Prime to provide custody and advanced trading services for the agency’s “Class 1” (large cap) digital assets,” stated the press release.

Class 1 digital assets, which include major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), are important assets managed mainly by the USMS in support of federal law enforcement efforts.

These assets often originate from various forms of government seizures and contracts, requiring strict security measures and advanced trading capabilities.

The partnership seeks to optimize the handling, administration, and liquidation processes of cryptocurrencies, alongside broadening the spectrum of digital assets handled within government forfeiture initiatives.

The agreement is structured under a single-award Indefinite Delivery/Indefinite Quantity (IDIQ) contract, with an initial ordering period spanning five years and the potential for a six-month extension.

Coinbase Prime

Coinbase has had a longstanding commitment to supporting agencies since the start of its law enforcement program in 2014.

Today, the exchange collaborates extensively with major U.S. federal, state, and local law enforcement agencies, as well as international counterparts across all continents. These partnerships are pivotal in advancing the safe and efficient expansion of the crypto economy, reflecting Coinbase’s core mission.

Coinbase Prime, launched nearly three years ago, has established itself as a preferred platform for institutions and large holders of digital assets. As of March 31, 2024, Coinbase reported safeguarding $330 billion in assets and recording an impressive $256 billion in institutional trading volume in Q1 2024 alone.

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Source: CryptoPotato