Financial NewsCoinbase Partners with DOJ for Crypto Custody Services

Coinbase Partners with DOJ for Crypto Custody Services

Hey there! Big news in the crypto world. Let’s talk about Coinbase’s recent partnership with the Department of Justice (DOJ) and what it means for the digital asset landscape.

Coinbase Selected as DOJ’s Crypto Custodian

In a strategic move, the US Marshals Service, a division of the DOJ, has chosen Coinbase Prime to store and manage confiscated Class 1 cryptocurrencies like Bitcoin and Ethereum. This partnership underscores Coinbase’s trusted role in handling high-value crypto assets.

Also Read: SEC Approves Historic Bitcoin-Ethereum ETF Proposal by Hashdex

Financial Terms and Community Reaction

Coinbase will receive approximately $32 million for its custody services, emphasizing its track record and expertise in cryptocurrency management. Interestingly, this comes amidst ongoing legal proceedings between Coinbase and the SEC, where the exchange faces accusations of selling unregistered securities.

Also Read: Can Bitcoin Maintain Above $63,000? What to Watch This Month

Crypto Community’s Response

The news has sparked varied reactions within the crypto community, highlighting the irony of the DOJ’s endorsement of Coinbase while the SEC pursues legal action against them. Observers note the complexity and dual approach of the US government towards cryptocurrency regulation.

Legal Proceedings Update

Coinbase has recently countersued the SEC and FDIC for alleged violations of information disclosure obligations, adding another layer to its legal battles. Both cases are currently pending resolution.

Must Read: Ancient Ethereum Whale Suddenly Moves 7,000 ETH

Stay tuned as we follow this unfolding story and its implications for Coinbase and the broader crypto market!

Florent Malice
Florent Malicehttps://www.newsalarms.com/
Florent is a passionate blockchain enthusiast, dedicated to exploring the intersection of technology and finance. With a focus on blockchain, web crypto, and NFTs, he contributes insightful analyses and updates to NewsAlarms, offering clarity on the evolving landscape of digital assets.

Latest news

Will the Ethereum ETF Push Prices to a $5,000 High?

CBOE Set to Introduce Five Spot Ethereum ETFs on July 23 The Ethereum ETF is making headlines again as the...

zkLink: The Gateway to Multi-Chain Integration with zk-Rollups

zkLink: Revolutionizing Blockchain Interoperability with Advanced zk-Rollups In the dynamic landscape of blockchain technology, zkLink is emerging as a revolutionary...

How to Start Trade Bitcoin: 3 Fast Profit Strategies for Beginners

Are you curious about diving into the world of Bitcoin trading but unsure where to start? You're not alone....

Discover Hamster Kombat Mini Game: What It Is and How to Play

Hamster Kombat Unveils Exciting Mini-Game for Its 239 Million Users Hamster Kombat, the popular tap-to-earn game boasting an impressive 239...

How to Make Money with Cryptocurrency Investments in 2024

If you want to learn how to make money investing in cryptocurrency, you're in the right place. We'll show...

Hamster Kombat Players Confront New Scams as Game Soars in Popularity

Beware of Fake Airdrops Targeting Hamster Kombat Players The popular mobile tap-to-earn game "Hamster Kombat" is currently facing a new...

Must read

Will the Ethereum ETF Push Prices to a $5,000 High?

CBOE Set to Introduce Five Spot Ethereum ETFs on...

zkLink: The Gateway to Multi-Chain Integration with zk-Rollups

zkLink: Revolutionizing Blockchain Interoperability with Advanced zk-Rollups In the dynamic...

How to Start Trade Bitcoin: 3 Fast Profit Strategies for Beginners

Are you curious about diving into the world of...

Discover Hamster Kombat Mini Game: What It Is and How to Play

Hamster Kombat Unveils Exciting Mini-Game for Its 239 Million...

How to Make Money with Cryptocurrency Investments in 2024

If you want to learn how to make money...

You might also like
Recommended to you