In its application, the USMS warned all applicants about the requirements regarding the management and disposal of significant amounts of known cryptocurrencies as part of the confiscation and sale program on the market. According to the terms, the USMS enters into a five-year contract with the winner of the competition with the possibility of an extension for six months.
Representatives of the exchange said that the USMS chose the Coinbase Prime platform because it has a reliable reputation and the ability to provide cryptocurrency services at the institutional level. Coinbase has been cooperating with law enforcement agencies since 2014, and currently stores cryptocurrencies totaling $330 billion.
According to the exchange's statement, over the three years of operation, Coinbase Prime has become the preferred option for institutional investment funds and large bitcoin owners, including issuers of most bitcoin spot ETFs. Representatives of the exchange indicated that Coinbase will be able to earn more than $32 million from providing services to the state agency.
Earlier, Brian Armstrong, CEO of the American cryptocurrency exchange Coinbase, said in an interview with CNBC that the company intends to provide its customers with services comparable in quality to those of traditional banks.