Coinbase leaves Silvergate for Signature Bank

Coinbase leaves Silvergate for Signature Bank
Coinbase has announced that it will drop his bank partner Silvergate, which is subjected to an official examination and investigations regarding its connections to the collapsed crypto exchange FTX.
The latest development comes shortly after Silvergate has announced that it would move its annual submission of the 10-K form to the United States Securities and Exchange Commission (Sec).
- in a Tweet-Thread On Wednesday (March 2, 2023), Coinbase announced that the company Silvergate would no longer use Prime customers for its coinbase. The crypto exchange added that it has “low corporate engagement to Silvergate.
- "In view of the latest developments and caution from caution, Coinbase no longer initiates payments from or from Silvergate."
at Coinbase, all customer money is still safe, accessible and available.
In view of the latest developments and caution from caution, Coinbase no longer initiates payments from or after silvergate.
-coinbase (@coinbase) 2. March 2023
- In a memo sent to Coinbase Prime Clients, the company said that the company would switch its USD banking partner "with immediate effect" to Signature Bank.
"Coinbase Prime has decided to make changes to our USD banking partners. We make fiat withdrawals and deposits easier via Signature Bank.
- Coinbase is the latest crypto company that drops Silvergate for the Signature Bank after the crypto derivate exchange LedGerx has recently taken a similar step.
- meanwhile the latest development is followed by an earlier report in which Silvergate from the SEC announced that it would postpone the submission of its annual form-10 k report.
- The company, which in the fourth quarter of 2022 a net loss of almost 1 billion. "
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