Coinbase Secures $32.5M Contract with U.S. Marshals for Crypto Management
Coinbase, the largest U.S. cryptocurrency exchange, has signed a $32.5 million contract with the U.S. Marshals Service to manage and trade its digital assets.
The USMS, a federal agency handling asset forfeiture, including cryptocurrency, requires secure management of these assets.
Coinbase Prime, the firm’s institutional arm, will oversee the secure storage and trading of the USMS’s high-value cryptocurrencies.
Coinbase has a history of collaborating with law enforcement since 2014 and works with major U.S. and international agencies.
READ MORE: Northern Data Eyes US IPO Amid Crypto Mining Shift
The U.S. government, holding over $13.8 billion in cryptocurrency, is the largest national holder. Market analysts monitor government crypto movements due to their market impact.
Recently, Germany began selling part of its $2.8 billion crypto holdings, causing Bitcoin’s price to drop by 3.5%.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
