Saturday, May 31, 2025

Latest

DOJ Selects Coinbase to Handle Forfeited Crypto Assets in 5-Year Deal

The US Marshals Service (USMS), a division of the Department of Justice, has selected Coinbase (NASDAQ: COIN) Prime to manage and dispose of its large-cap cryptocurrency assets. This decision follows a competitive bidding process initiated earlier this year.

The contract, valued at $32.5 million according to the official award notice, tasks Coinbase Prime with handling custody and advanced trading services for large-capitalization digital assets forfeited to law enforcement. This arrangement aims to streamline the management and disposal of cryptocurrencies while expanding the range of digital assets that can be handled under government forfeiture programs.

Structured as a single-award Indefinite Delivery/Indefinite Quantity (IDIQ) agreement, the contract has an initial ordering period of five years, with a possible six-month extension. This partnership aims to streamline custody, management, and disposal processes for cryptocurrency while expanding the range of digital assets that can be handled under government forfeiture programs.

Interestingly, this partnership comes at a time when Coinbase is engaged in legal battles with other government agencies. The company is currently navigating challenges with the SEC over platform registration issues and has sued both the SEC and the Federal Deposit Insurance Corp. (FDIC) for allegedly attempting to disconnect the crypto industry from the banking sector and failing to provide regulatory clarity.

News of the partnership boosted Coinbase’s stock by 6% in late Monday trading. This uptick coincided with a rise in Bitcoin’s price, which increased from around $60,000 to more than $63,000 since Friday.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

ESGold Begins Concentration Tests Ahead Of First Production

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

Related News

A New Risk For Coinbase Account Holders Was Disclosed In Recent Filings

As if Coinbase Global, Inc. (NASDAQ: COIN) were not feeling enough pressure from recent significant declines in...

Sunday, May 15, 2022, 09:00:00 AM

Circle Gets A “Bailout” From Coinbase As Firm Takes “Minority Equity” In Stablecoin Operator

Coinbase and Circle, the firms driving USD Coin (USDC), solidified amendments on Monday, signifying a...

Tuesday, August 22, 2023, 03:07:00 PM

Coinbase Posts Lower-Than-Expected Q3 Earnings with a 17% Revenue Drop and Rising Expenses

Coinbase Global Inc. (NASDAQ: COIN) reported underwhelming Q3 2024 financial results on Wednesday, missing revenue...

Wednesday, October 30, 2024, 10:33:00 PM

Silvergate: Circle, Paxos, Gemini And Others Follow Coinbase’s Lead By Dropping Bank

Silvergate Capital (NYSE: SI) continues to suffer from the release of a Form 12b filing...

Thursday, March 2, 2023, 01:35:53 PM

Alabama, 9 US States Give Coinbase 28 Days To Prove Why They Shouldn’t Be Shut Down

Cryptocurrency giant Coinbase Global (NASDAQ: COIN) and its parent company find themselves in hot water...

Wednesday, June 7, 2023, 11:19:00 AM