Coinbase Partners with US Marshal Service for Enhanced Crypto Custody Solutions
After a “competitive due diligence process” the USMS chose Coinbase from a range of alternatives. Coinbase prides itself on its close ties with law enforcement agencies, saying it works with agencies across the US as well as globally
News around a crypto exchange and US law enforcement isn’t usually bullish or positive, but recent news in relation to Coinbase is a little different. In a blog post from July 1, Coinbase officially announced a collab with the US Marshal Service (USMS) – a division of the US Department of Justice.
According to the USMS they have chosen Coinbase to custody what’s called “Class 1” digital assets for the agency.
The U.S. Marshals Service (USMS) department of Justice (DOJ), on behalf of the Asset Forfeiture Division (AFD) has a requirement for managing and disposing of large quantities of popular cryptocurrency assets, known as Class 1 cryptocurrencies.
US Marshal Service
This includes storing and liquidating digital assets in a way that is “professional, lawful, and consistent with Department and USMS policy”.
Coinbase-USMS Contract Worth US$32.5 million
After a “competitive due diligence process” the USMS chose Coinbase from a range of alternatives. Coinbase prides itself on its close ties with law enforcement agencies, saying it works with agencies across the US as well as globally.
Coinbase works with every major U.S. federal, state, and local law enforcement agency, as well as international agencies on every continent.
Coinbase
The contract is said to be valued at US$32.5 million (AU$48.9 million) and will focus on large-cap digital assets that have been seized by law enforcement.
