“USMS conducted a competitive due diligence process to evaluate a range of solutions, ultimately selecting Coinbase for its solid track record and ability to deliver institutional-grade cryptocurrency services at scale. secure,” Coinbase said in a statement Press Release.
USMS requires the management and handling of large amounts of “Class 1” cryptocurrency. Since Coinbase has a long history of collaborating with law enforcement agencies, they are a likely choice for USMS.
According to USMS, the Coinbase contract will also streamline crypto asset custody, management and disposal processes. This partnership also allows for diversification in the type of crypto assets that can be managed and processed under Government programs.
Coinbase is the primary partner to the majority of spot cryptocurrency ETFs. According to the exchange, as of March 31, 2024, they protected and managed $330 billion in assets.
See more: Top 3 notable cryptocurrencies in July
