Coin-Miners - Crypto Currency Tracker logo Coin-Miners - Crypto Currency Tracker logo

Seeking Alpha 2023-03-02 14:12:05

Coinbase stops accepting payments to or from Silvergate Capital

Crypto exchange Coinbase Global ( NASDAQ: COIN ) said Thursday it will no longer accept or initiate payments to or from struggling crypto-focused bank Silvergate Capital, "in light of recent development & out of an abundance of caution," according to a series of Twitter posts. The move followed Silvergate's ( NYSE: SI ) notice late Wednesday, saying it will not be able to meet an extended March 16 deadline to file its annual report. It also revealed new losses in connection with other-than-temporary impairment on its securities portfolio. Coinbase ( COIN ) noted it has minimal exposure to Silvergate ( SI ), one of the tweets read. The trading platform "will be facilitating institutional client cash transactions with our other banking partners," including Signature Bank ( NASDAQ: SBNY ), a Coinbase spokesperson said. "All client funds continue to be safe, accessible & available," the spokesperson told Seeking Alpha in an emailed statement. COIN dived 5.4% in premarket trading, while SI sank 44.1% in the wake of concerns of the bank's ability to continue as a going concern. Coinbase did not immediately respond to Seeking Alpha's request for comment. Towards the end of February, Coinbase said it will suspend trading for Binance USD stablecoin in March .

freebitcoin
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.