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The US Federal Marshals Service (USMS) has chosen the Coinbase Prime platform to provide services for storing and selling high-cap cryptocurrencies.
"USMS conducted a competitive process, during which it evaluated a number of solutions, and ultimately chose Coinbase because of our strong reputation and ability to safely 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 managing and disposing of large volumes of popular crypto assets" as part of confiscation programs.
According to the terms, USMS enters into a five-year contract with the winner of the competition with the possibility of extending it for six months. According to The Block, the platform will earn $32.5 million on providing services to the state agency.
Coinbase noted that it has been cooperating with law enforcement agencies since the launch of the compliance program in 2014.
Representatives of the exchange also stressed that for 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.
"USMS conducted a competitive process, during which it evaluated a number of solutions, and ultimately chose Coinbase because of our strong reputation and ability to safely 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 managing and disposing of large volumes of popular crypto assets" as part of confiscation programs.
According to the terms, USMS enters into a five-year contract with the winner of the competition with the possibility of extending it for six months. According to The Block, the platform will earn $32.5 million on providing services to the state agency.
Coinbase noted that it has been cooperating with law enforcement agencies since the launch of the compliance program in 2014.
Representatives of the exchange also stressed that for 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.
