Cryptocurrency investors are concerned about the US government’s BTC assets being moved for sale. 4,000 BTC were sent to Coinbase exchange last month. Investors think larger sales might follow. Just now, Coinbase made an important announcement.
Crypto Breaking News
Coinbase, the largest cryptocurrency exchange in the US by volume, announced that it will serve the US Department of Justice through its subsidiary. This is good news for both the company’s reputation and for preventing major supply shocks in the spot market by selling assets OTC to ETF issuers and others.
The announcement stated:
“The US Marshals Service has chosen Coinbase to safeguard and trade its large digital asset portfolio. The US Marshals Service (USMS), a division responsible for asset seizures under the US Department of Justice, will store seized assets using Coinbase Prime services.
Coinbase has a long history of supporting law enforcement, dating back to the establishment of our law enforcement program in 2014. Today, Coinbase works with all major federal, state, and local law enforcement agencies in the US, as well as international agencies on every continent.
Prime has become the preferred platform for institutions and large digital asset holders, including being the primary partner for most spot crypto ETFs. As of March 31, 2024, Coinbase holds $330 billion in assets.”
