DOJ Division Chooses Coinbase As Partner To Custody $32M In Assets
By Benzinga
The U.S. Marshals Service (USMS), a key division of the U.S. Department of Justice responsible for asset forfeiture, has selected Coinbase Prime (NASDAQ:COIN) as its partner for safeguarding and trading its “Class 1” large cap digital assets.
This decision follows a rigorous competitive process evaluating various solutions.
What Happened: Coinbase Prime, a leading platform for institutional-grade crypto services, was chosen due to its robust track record and secure infrastructure capable of managing digital assets at scale.
This partnership underscores the growing trust in Coinbase’s ability to provide advanced custody and trading services to major institutions.
Coinbase has a history of collaboration with law enforcement agencies, dating back to the inception of its law enforcement program in 2014, it stated in a blog.
Coinbase stated that it works with every major U.S. federal, state, and local law enforcement agency, as well as international agencies across the globe.
Also Read: SEC Files Lawsuit Against Consensys Over Unregistered Brokerage Activities
This extensive experience in supporting law enforcement underscores Coinbase’s commitment to promoting safe and efficient markets.
Since its launch nearly three years ago, Coinbase Prime has become the preferred platform for institutions and large holders of digital assets.
As of March 31, 2024, Coinbase safeguarded $330 billion in assets and recorded $256 billion in institutional trading volume in Q1 2024.
This development highlights the increasing institutional adoption of digital assets and the critical role that secure, reliable trading platforms play in this ecosystem.
The USMS’s decision to partner with Coinbase Prime demonstrates the government’s confidence in Coinbase’s capabilities and its pivotal role in managing significant digital asset portfolios.
What’s Next: These trends and developments will be explored further at Benzinga’s Future of Digital Assets event on Nov. 19.
The event will provide insights into the evolving landscape of digital assets, regulatory challenges, and the future trajectory of this rapidly growing market.
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