The United States Marshals Service (USMS), a division of the U.S. Department of Justice, has selected Coinbase Prime as a partner for the management and disposal of large volumes of cryptocurrency assets.

This decision came after a competitive tender process launched earlier this year.

The contract, issued on behalf of the Asset Forfeiture Division (AFD), covers significant amounts of popular assets classified as “Class 1” digital assets by the Marshals Service. crypto coins meets the need for management and disposal.

Coinbase Prime will be responsible for implementing storage and liquidation techniques in accordance with Department and USMS policies. The agreement aims to streamline the custody, management, and disposal processes for cryptocurrencies while expanding the range of digital assets that can be covered under the government’s foreclosure programs.

The contract is structured as a single-tender Indefinite Delivery/Indefinite Quantity (IDIQ) agreement with an initial order period of five years with the possibility of a six-month extension.

USMS has previously emphasized that these digital assets must be handled in a professional, legal, and policy-consistent manner. The selection process focused on finding a partner who could provide the “best value” to the government using the exchange method for valuation.

As of March 31, Coinbase’s service had secured $330 billion in assets and recorded $256 billion in institutional trading volume in the first quarter of 2024. This impressive performance likely contributed to USMS’ decision to award the contract to Coinbase Prime.

*This is not investment advice.

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