US Marshals Service picks Coinbase to custody its assets as part of a $32.5 million contract

The U.S. Marshals Service, the enforcement arm of federal courts, is paying $32.5 million for a contract with Coinbase Prime to provide custody.

"The USMS conducted a competitive due diligence process that evaluated a range of solutions, ultimately choosing Coinbase due to our strong track record and ability to securely provide institutional-grade crypto services at scale," Coinbase said in a statement on Monday. "This will require the use of multiple, industry leading, storage and liquidation techniques employed in a manner that is professional, lawful, and consistent with Department and USMS policy," the agency said. "This contract will also streamline custody, management, and disposal processes for cryptocurrency assets while allowing for the diversification of the type of cryptocurrency assets that can be managed and disposed of under the Government’s forfeiture programs.

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