The United States Marshals Service (USMS) has chosen the Coinbase Prime platform to provide services for the storage and sale of high-capitalization cryptocurrencies.
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
"The USMS conducted a competitive procedure during which it evaluated a number of solutions, and ultimately chose Coinbase because of our reliable reputation and ability to securely provide institutional-level cryptocurrency services on a large scale," the exchange said in a statement.
In the application, the agency warned applicants about a number of requirements "for the management and disposal of large volumes of popular crypto assets" as part of confiscation programs.
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. According to The Block, the platform will earn $32.5 million from providing services to the state agency.
Coinbase noted that they have been cooperating with law enforcement agencies since the launch of the compliance program in 2014.
Representatives of the exchange also stressed that in almost three years of operation, Coinbase Prime has become the "preferred choice" for institutions and large holders of digital assets, including issuers of most spot crypto ETFs.
As of March 31, Coinbase held virtual currencies totaling $330 billion.
Recall that the exchange is in the process of litigation with the SEC, which in June 2023 filed a lawsuit against it with a number of charges.
Coinbase, in turn, sued the Commission, as well as the FDIC, for trying to "cut off" the crypto industry from the banking sector.