U.S. Marshals Service Chooses Coinbase Prime for Custody Services in $32.5M Contract
The U.S. Marshals Service (USMS), a division of the Department of Justice responsible for asset forfeiture, has partnered with Coinbase Prime, the brokerage platform of major crypto exchange Coinbase.
The collaboration aims to provide custody and trading services for the USMS’s large-cap cryptocurrency holdings, Coinbase said in a Monday blog post.
Per the announcement, Coinbase Prime was selected by the USMS based on its proven track record and ability to deliver institutional-grade crypto services.
Under the terms of the contract, the USMS will pay a substantial sum of $32.5 million.
As part of the agreement, Coinbase Prime will assume responsibility for managing and disposing of sizable quantities of popular cryptocurrencies held by the USMS.
Just announced: the U.S. Marshals Service selects Coinbase Prime to provide custody and advanced trading services for its large cap digital assets portfolio.
Read more about this partnership ↓https://t.co/6CCTz1EGQj pic.twitter.com/zM4R0giDrY
— Coinbase Institutional
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