The US government has chosen the well-known American cryptocurrency exchange Coinbase to manage its digital assets.
The US Marshals Service (USMS), part of the Department of Justice (DOJ), announced its collaboration with Coinbase for the custody and management of significant amounts of “class 1” cryptocurrencies. This initiative aims to professionally and lawfully process and dispose of these assets in accordance with department policies. The USMS stated that this agreement will help streamline the processes related to managing and disposing of cryptocurrencies, allowing for the handling of more diverse assets within government confiscation programs. The contract with Coinbase is valued at $32.52 million.
Coinbase highlighted its experience working with government agencies in a blog post, noting its support for law enforcement agencies since 2014. The company has collaborated with numerous federal, state, and local law enforcement agencies in the US, as well as international agencies. Coinbase emphasized that these partnerships are crucial for promoting safe and efficient markets, aligning with their mission to develop the crypto economy.
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