Coinbase is No Longer Accepting With Silvergate

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Last Updated on March 2, 2023 by Bitfinsider

Coinbase announced that it would no longer take or initiate transfers to or from Silvergate after the troubled cryptocurrency bank hinted yesterday that it might be forced to close “less than adequately funded, the company “reevaluated its business”

“In view of recent events and out of an abundance of prudence, Coinbase will no longer receive or initiate payments to or from Silvergate. Instead, we will facilitate large customer cash transactions with our other banking partners,” the firm said.

According to an email sent to clients, the exchange has accepted Signature Bank for Prime users.

“Coinbase Prime has decided to make adjustments to our USD financial partners,” the company informed consumers in a statement. We are instantly enabling fiat transfers and payments through Signature Bank.

It also stated that it will facilitate cash transfers for business clients with its other banking partners.

Silvergate, a major bank for fintech and cryptocurrencies, announced that it would be unable to submit its annual financial report by the deadline. The bank stated that it may be “undercapitalized.” “The company also disclosed that it was “reevaluating its business” and anticipated to “record additional losses linked to the other-than-temporary impairment on the stocks inventory.”

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