There’ll really be much jubilation for the Coinbase team at the moment! Of course, who wouldn’t be happy? When you’ve been choosen to hold crypto for the U.S government?
Well let’s take a look at how it all happened, in summary.
How It Happened
The U.S. Marshals Service (USMS), part of the Department of Justice, has selected Coinbase Prime to manage and trade its high-value assets, known as “Class 1” assets. This decision is good for the U.S. crypto sector.
The USMS reviewed multiple options before choosing them through a thorough due diligence process. They was chosen for its robust track record and ability to offer secure, large-scale institutional crypto services.
Class 1 assets include major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), which are considered their high-value by market capitalization. These assets often come from seized illegal activities or other government contracts, necessitating secure custody and sophisticated trading services.
Coin base has been working with various agencies since 2014 through its law enforcement program. The platform collaborates with major U.S. federal, state, and local law enforcement agencies, as well as international agencies worldwide.
See Also: U.S. Moves $241M Worth Of Bitcoins to Coinbase Exchange
Coinbase Prime
Coinbase Prime, a service available to the public, has been used by institutions and large asset holders for nearly three years. By March 31, 2024, they held $330 billion in assets and facilitated $256 billion in institutional trading volume in Q1 2024.
The USMS’s decision to partner with Coin base Prime reflects growing institutional trust in Coinbase’s services and an increasing recognition of cryptocurrency as a legitimate asset by the U.S. government.
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