The US Marshals selected Coinbase Prime for a $32.5 million settlement

The US Marshals Service (USMS) has chosen Coinbase Prime to secure and trade its large digital assets. The security services contract is worth $32.5 million.

This decision follows a comprehensive due diligence process conducted by USSMS, a division of the US Department of Justice. USMS is responsible for property loss.

Coinbase Prime and Institutional Trading

Coinbase Prime, a platform that helps institutions securely trade and store digital assets, was selected for its strong track record and security features. Many institutional investors use the platform.

In the year As of March 31, 2024, Coinbase maintained $330 billion in assets and recorded $256 billion in institutional trading volume in Q1 2024. Coinbase has supported law enforcement since 2014, partnering with major US federal, state and local agencies, as well as international agencies.

“Coinbase Prime continues to earn the trust of the world's largest institutions and governments due to the quality, security and track record of our institutional product suite,” Coinbase told BeInCrypto.

Read more: Coinbase Review 2024: Best Crypto Exchange for Beginners?

The US Marshals Service says the Coinbase contract will facilitate the handling, management and disposal of cryptocurrency assets. Additionally, it allows for the diversification of the types of crypto assets that can be managed and disposed of under government divestment programs.

“Our system's smart order routing reduces the market impact of trades and helps hide the overall trade volume. By working on an agency basis, our clients can be confident that our interests are aligned as we seek to find the best prices in the market,” Coinbase said in a statement.

The partnership aligns with Coinbase's objectives and advocacy to promote safe and efficient markets in the growing crypto economy.

The company signed this contract during the SEC crackdown on Coinbase and the crypto industry. Meanwhile, Coinbase filed suit against the SEC and FDIC. Specifically, the exchange claims the lawsuit seeks documents on how regulators distribute crypto tokens and their actions on the crypto industry.