.coinbase shifts its Prime account holder service to Signature Bank and stops payments to or from Silvergate as a precautionary measure following recent developments
This move comes after recent developments and as a precautionary measure, Coinbase has stated that it is no longer accepting or initiating payments to or from Silvergate.
In a tweet, Coinbase assured its clients that their funds are safe, accessible, and available. The exchange also stated that it will be facilitating institutional client cash transactions with other banking partners and that it has taken proactive action to ensure that clients experience no impact from this change.
Coinbase has de minimis corporate exposure to Silvergate, meaning that it has minimal financial exposure to the bank. Client cash is held at FDIC-insured U.S. banks, and when a client has a large dollar balance, Coinbase stores their cash in a U.S. government money market fund to keep it safe and liquid.The decision to switch to Signature Bank comes after cryptocurrency-friendly bank Silvergate Capital Corp. suffered a significant blow following the collapse of Sam Bankman-Fried's FTX.
The bank's shares plunged by as much as 50%, and it is currently studying whether it is still viable and reviewing its financial controls.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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