Coinbase Prime chosen by US Marshals for crypto custody services
Key Takeaways
- US Marshals Service selected Coinbase Prime for large-cap digital asset custody and trading.
- Coinbase safeguarded $330 billion in assets and recorded $256 billion in institutional trading volume in Q1 2024.
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The US Marshals Service (USMS) has selected Coinbase Prime to provide custody and advanced trading services for its “Class 1” large-cap digital assets. According to a Coinbase blog post, the agency, part of the US Department of Justice, manages these assets centrally to support federal law enforcement.
Coinbase was chosen after a competitive due diligence process that evaluated various solutions. The company’s strong track record and ability to securely provide institutional-grade crypto services at scale were key factors in the decision, added the article.
Notably, eight out of 10 spot Bitcoin exchange-traded funds (ETF) in the US are Coinbase Prime customers. Launched nearly three years ago, has become a preferred platform for institutions and large digital asset holders. As of March 31, 2024, Coinbase safeguarded $330 billion of assets and recorded $256 billion in institutional trading volume in Q1 2024.
Furthermore, Coinbase has been supporting law enforcement agencies since 2014, working with major US federal, state, and local agencies, as well as international agencies globally. This partnership aligns with Coinbase’s mission to promote safe and efficient markets within crypto.
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Author: Gino Matos
