US Marshals Service Selects Coinbase Prime for Management of Digital Assets
Summary:
The United States Marshals Service (USMS) has chosen Coinbase Prime to manage and trade large-cap digital assets, aiding the federal agency's responsibility towards asset forfeiture. This move comes after a 2022 report noted the USMS's challenges in handling and tracking cryptocurrencies, prompting it to explore contracts with crypto custody service providers.
Coinbase Prime has been chosen by the United States Marshals Service (USMS) to manage certain digital assets, which is a part of the agency's responsibility to handle the seizure of assets. As per an announcement on July 1, Coinbase revealed that its institutional investment division was selected by the USMS to offer custody and advanced trading services for prominent digital currencies. The exchange will centrally oversee these assets to aid the federal agency, as it sometimes assumes control of cryptocurrencies confiscated by the Department of Justice. In 2022, a report from the Justice Department's Inspector General's Office suggested that the USMS had difficulties managing and tracking digital assets. Also, the USMS reportedly started looking into contracts for companies that offer cryptocurrency custody services in March. More information on this evolving story is coming soon.
Published At
7/1/2024 6:20:27 PM
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