Coinbase Collaborates with Global Government Agencies as Trump Pushes Crypto into the Spotlight

Coinbase has announced partnerships with over 100 government agencies across the US and other countries to enhance their understanding of the crypto sector. CEO Brian Armstrong shared the update on X over the weekend, stating that institutional interest in crypto has surged following Donald Trump's pro-crypto stance as the newly elected 47th President of the US.

According to Armstrong, Coinbase is currently working with 145 US government entities to support crypto custody and trading. Additionally, the exchange is collaborating with 29 international government agencies to improve their knowledge of virtual digital assets (VDAs). However, specific details on the agencies involved have yet to be disclosed.

“Governments around the globe are expanding their participation in the cryptoeconomy. Whether that means embracing Bitcoin as a store of value or leveraging blockchain technology to make critical systems run more efficiently, public-sector institutions are rapidly becoming major players in crypto,” the company said.

This month, President Trump announced the strategic reserves of Bitcoin and altcoins seized by federal agencies during criminal and civil investigations. Armstrong's X post claimed that more institutional investors are now seeking crypto awareness following the announcement of US' crypto reserves.

Coinbase said it will be bringing awareness and educational initiatives, as well as portfolio and treasury management for its government clients.

“We're committed to helping governments understand market structure, implement technical solutions, and effectively manage risk in the crypto economy,” the exchange noted.

Owing to the rising number of crypto-related crime like hacks, scams, and money laundering – the need to train government officials and law enforcement agencies in Web3 has risen.

In June last year, Binance sent over a team of officials to meet with law enforcement officers in Macau. The aim was to train officers in understanding loopholes in Web3 technologies that could help them catch criminals.

Prior to that in 2022, Chainalysis also launched its subsidiary dubbed Chainalysis Government Solutions, to aid US government agencies in investigating crimes related to crypto.

Countries like Malaysia and India are also turning to crypto firms and blockchain experts to become more well versed about safer crypto custody techniques alongside improved ways to track related crimes.