USA’s largest cryptocurrency exchange Coinbase, the bank known as cryptocurrency friendly, in a statement today. Silvergate Bank announced that it has terminated its partnership with
As is known, Silvergate Bank did not submit its financial documents to the SEC in a timely manner. For this reason, Silvergate Bank’s stock has lost more than 50% yesterday and today.
After this incident, he made a statement on Twitter. coinbase said:
“All client funds remain safe, accessible and usable on Coinbase.
In light of recent developments and due to much caution, Coinbase no longer makes payments to Silvergate Bank and does not accept or initiate payments from Silvergate Bank.
Coinbase has minimal corporate exposure to Silvergate.
Coinbase will facilitate institutional customer cash transactions with our other banking partners and will take proactive measures to ensure customers are not impacted by this change.
Customer cash is held at FDIC-insured US banks. When a customer has a large dollar balance, Coinbase stores their cash in a US government money market fund to keep it safe and liquid.”
At Coinbase all client funds continue to be safe, accessible & available.
In light of recent developments & out of an abundance of caution, Coinbase is no longer accepting or initiating payments to or from Silvergate.
— Coinbase (@coinbase) March 2, 2023
Coindesk For Prime account holders after Coinbase ends its partnership with Silvergate Bank To Signature Bank He said he had passed.
In an email to Coinbase customers “Coinbase Prime has chosen to make changes to our USD banking partners. By using Signature Bank, we facilitate fiat withdrawals and deposits with immediate effect.” said.
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