The US Marshals Service (USMS), a unit of the US Department of Justice, has selected Coinbase Prime as a partner for the management and disposition of large volumes of cryptocurrency assets.
This decision follows a competitive tender process launched earlier this year.
The contract, issued on behalf of the Asset Forfeiture Division (AFD), addresses the Marshals Service's need to manage and dispose of significant amounts of popular cryptocurrencies classified as “Class 1” digital assets.
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 disposition processes for cryptocurrencies while expanding the range of digital assets that can be handled under government forfeiture 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, lawful and policy-consistent manner. The selection process focused on finding a partner that could provide the “best value” to the state, using the exchange method for evaluation.
As of March 31, Coinbase's service maintained $330 billion in assets and recorded $256 billion in institutional transaction 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.
