Coinbase, Paxos halt business with Silvergate Bank

Coinbase, Paxos halt business with Silvergate Bank
фото показано с : invezz.com

2023-3-6 20:31

Coinbase (NASDAQ: COIN) has announced it is discontinuing its business relationship with Silvergate (NYSE: SI), a crypto-friendly bank that is looking increasingly in trouble following the crypto winter and the collapse of FTX.

On Thursday, Coinbase said it will no longer accept or initiate payments with the bank and that going forward, it will facilitate cash transactions for its institutional customers using other banks. On why the switch from Silvergate, Coinbase noted the decision was “in light of recent developments and out of abundance of caution.”

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

The crypto exchange maintained it has very minimal exposure to Silvergate, whose shares plunged on Thursday as uncertainty around it swelled.

Stablecoin issuer Paxos is also switching frok the crypto-focused bank, announcing today that it had discontinued its use of Silvergate’s payment network (SEN). Like Coinbase, Paxos cited “recent developments” as the reason for its action. The US-based company tweeted:

“In light of recent developments with Silvergate Bank, Paxos has discontinued all SEN transfers and wires to our Silvergate account. Paxos will continue to process all outgoing payments.”

In light of recent developments with Silvergate Bank, Paxos has discontinued all SEN transfers and wires to our Silvergate account. Paxos will continue to process all outgoing payments.

— Paxos (@PaxosGlobal) March 2, 2023 Silvergate shares plummet

Shares of Silvergate are trading around $7.49, more than 44% down at 11:40 am ET on Thursday. SI is down nearly 66% in the past 30 days, with the latest plunge coming after news that the bank might not be “well capitalized.” 

The crypto bank revealed this in a SEC filing on Wednesday.

COIN stock has also dipped amid the broader negative sentiment, with its value at $60.10 at the time of writing.

The post Coinbase, Paxos halt business with Silvergate Bank appeared first on Invezz.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Time New Bank (TNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0020147 (-100%)

bank coinbase silvergate business following looking increasingly

bank coinbase → Результатов: 126


JP Morgan Still Dabbling in Crypto, but Is the Bank Serious About Adoption?

JPMorgan recently released a report analyzing the cryptocurrency market in the United States, which could shed light on what is to come in the market in 2023. The bank, which is the largest in the US, has had a conflicting relationship with cryptocurrency, with CEO Jamie Dimon being vocal in his opposition to it, yet the bank has also provided banking services to Coinbase and Gemini.

2023-1-4 18:30


CryptoSlate Wrapped Daily: Crypto.com CEO dismisses bank run speculation; Alameda Research held tokens before their FTX listings

The biggest news in the cryptoverse for November 14 includes Crypto dot com CEO saying his exchange accidentally transferred 320,000 ETH to Gate. io; Kraken, Coinbase, and Gate. io publishing full proof-of-reserves with liabilities, and Binance launching a recovery fund for strong projects caught up in the FTX collapse.

2022-11-15 01:51