As a long-term crypto investor with a keen interest in the institutional adoption of digital assets, I’m thrilled to see Coinbase secure this partnership with the U.S. Department of Justice’s U.S. Marshals Service (USMS). This collaboration not only underscores the growing recognition of digital assets within traditional financial institutions but also reinforces Coinbase’s unwavering commitment to fostering a secure and compliant crypto economy.
The U.S. Department of Justice’s asset forfeiture unit, managed by the U.S. Marshals Service (USMS), has opted for Coinbase Prime as their custodian and platform for trading their largest digital assets.
The U.S. Department of Justice (DOJ) has announced a new collaboration with Coinbase: the DOJ’s USMS branch will utilize Coinbase Prime for custodial services and sophisticated trading functions on their “Class 1” (large-cap) digital assets.
— Brian Foster (@brian__foster) July 1, 2024
Coinbase came out on top in a thorough and rigorous evaluation process, securing the position due to its impressive history and capability to deliver secure, large-scale institutional crypto services.
As a researcher studying the role of Coinbase in the crypto economy’s law enforcement landscape, I can share that since the initiation of its law enforcement program in 2014, this digital currency exchange platform has formed collaborative relationships with various law enforcement entities across the globe. These partnerships extend to all significant U.S. federal, state, and local agencies. By nurturing these connections, Coinbase aims to promote secure markets within the crypto economy.
As a researcher studying the digital asset market, I’ve noticed that Coinbase Prime has emerged as a preferred choice for large digital asset holders and institutions. This publicly accessible and commercially available service, which made its debut nearly three years ago, now plays a significant role as a partner in most spot cryptocurrency exchange-traded funds.
As a researcher studying the cryptocurrency industry, I’ve recently learned that my team has reached an accord with U.S. Multiple Systems (USMS) under the current regulatory climate where organizations like the Securities and Exchange Commission (SEC) have been scrutinizing Coinbase intensely and raising legal challenges. In fact, last year, the SEC filed a lawsuit against Coinbase alleging that they were operating without the necessary registration.
As a crypto investor, I’ve noticed that despite the controversies, Coinbase Prime has continued to deliver impressive results in the institutional trading sector. By March 31, 2024, Coinbase boasted an impressive $330 billion in assets under management. Moreover, during the first quarter of the same year, the institutional trading volume hit a staggering $256 billion.
USMS selects Coinbase Prime for secure handling of large-digital asset investments from institutions, reaffirming Coinbase’s dedication to cooperating with law enforcement and ensuring market security in the cryptocurrency sector.
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2024-07-01 20:52