On July 1, 2024, Coinbase announced that the U.S. Marshals Service will use Coinbase Prime for managing its cryptocurrency assets.
Coinbase Prime, designed for institutional investors, offers robust tools for secure and efficient asset trading and storage.
This partnership highlights Coinbase’s ongoing commitment to supporting law enforcement agencies and promoting secure cryptocurrency markets.
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Coinbase Prime: Institutional Cryptocurrency Trading and Custody Platform
On July 1, 2024, major American cryptocurrency exchange Coinbase announced that the United States Marshals Service (USMS), a law enforcement agency, has entrusted the custody of its cryptocurrency assets to “Coinbase Prime.”
Coinbase Prime is a platform offered by Coinbase specifically designed for institutional investors. It is equipped with the necessary tools for trading and storing large-scale assets securely and efficiently.
The USMS is responsible for the seizure of assets, including cryptocurrencies like Bitcoin (BTC). It has been reported that the USMS has chosen to adopt “Coinbase Prime” for the custody and trading of its digital assets.
The USMS will use Coinbase Prime for the custody and trading of its Class 1 (large-scale) digital assets, selecting Coinbase after evaluating multiple solutions.
Coinbase’s History with Law Enforcement
In their official announcement, Coinbase highlighted its long history of supporting law enforcement agencies since establishing a law enforcement program in 2014.
Coinbase collaborates not only with major U.S. law enforcement agencies but also with international agencies across all continents.
Coinbase Prime is already utilized by major financial institutions, including BlackRock, which issues Bitcoin ETFs.
As of March 31, 2024, Coinbase Prime protected assets worth $330 billion and recorded an institutional trading volume of $256 billion in the first quarter of 2024.
Coinbase stated, “Growing the cryptocurrency economy means promoting safe and efficient markets,” emphasizing that partnerships like the one with USMS are crucial to their mission.
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Coinbase Sues SEC and FDIC, Criticizes Regulatory Attacks on the Crypto Industry
Coinbase has sued the SEC and FDIC for violating the Freedom of Information Act, criticizing their regulatory actions as attempts to weaken the crypto industry. Learn more about the ongoing legal battles and the impact on cryptocurrency regulations.
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