US Government Moves 29,800 BTC, Speculated to Relate to Coinbase Custody Deal

IconCryptoNewsTerminal Staff29 Jul, 2024

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US Government Moves 29,800 BTC, Speculated to Relate to Coinbase Custody Deal

The recent transfer of 29,800 bitcoins (BTC) by the U.S. government has sparked speculation that it is related to a custody contract between the U.S. Marshals Service (USMS) and Coinbase. Bloomberg ETF analyst James Seyffart suggested that the move may be linked to this partnership, which was announced in July. The USMS had previously faced challenges in managing and tracking seized cryptocurrency assets. The collaboration with Coinbase aims to streamline the process, leveraging the exchange's expertise in custody and security. While the exact nature of the transaction remains uncertain, it highlights the increasing involvement of cryptocurrency exchanges in government activities. The move also reinforces the need for robust and reliable custody solutions for digital assets.

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