US Marshals Service Selects Coinbase Prime to Securely Manage “Class 1” Digital Assets

The United States Marshals Service (USMS) has selected Coinbase Prime to securely store and trade its “Class 1” digital assets.

Coinbase Prime, a leading institutional platform offered by Coinbase, was selected after a rigorous evaluation process conducted by USMS.

Class 1 Digital Assets

USMS evaluated multiple solutions before selecting Coinbase based on its proven track record and ability to provide secure, enterprise-grade crypto services at scale.

“Today, the United States Marshals Service (USMS), an agency of the U.S. Department of Justice responsible for asset forfeiture, announced that it has selected Coinbase Prime to provide advanced custody and trading services for the agency’s Class 1 (large market cap) digital assets,” advertiser Press release.

Class 1 digital assets, which include major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), are critical assets primarily managed by the USMS to support federal law enforcement efforts.

These assets often arise from various forms of seizures and government contracts, requiring strict security measures and advanced trading capabilities.

The partnership aims to improve the handling, management and liquidation of cryptocurrencies, as well as expand the scope of digital assets handled under government confiscation initiatives.

The agreement is structured under a single award indefinite delivery/indefinite quantity (IDIQ) contract, with an initial order period of five years with a possible six-month extension.

Coinbase Prime

Coinbase has a long-standing commitment to supporting agencies since starting its law enforcement program in 2014.

Today, the exchange partners extensively with major federal, state, and local law enforcement agencies in the United States, as well as international counterparts on every continent. These partnerships are pivotal to promoting the safe and efficient expansion of the cryptocurrency economy, reflecting Coinbase’s core mission.

Coinbase Prime, which launched nearly three years ago, has established itself as a preferred platform for institutions and large digital asset holders. As of March 31, 2024, Coinbase reported $330 billion in assets under custody and $256 billion in institutional trading volume in the first quarter of 2024 alone.