Provident Twitter SEC Platform Action coinbase Assurant

Coinbase cuts ties with Silvergate as bank delays annual report filing

Reading now: 132

Coinbase, a leading U.S.-based crypto exchange, announced it would drop its alliance with Silvergate, a crypto-focused bank.

This makes matters worse for the bank, which saw its value plunge in after-hours trading yesterday. The bank announced that it would be delaying its annual report filing in its SEC report yesterday.

In a Twitter thread, Coinbase said,“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.”Moreover, Coinbase is not the only crypto-entity to drop Silvergate.

LedgerX, a derivatives trading platform, has reportedly ended its ties with the crypto bank as well. According to a report by Bloomberg, the crypto trading firm informed its clients that it would use Signature Bank hereon.Furthermore, the crypto-exchange stated that it would use “other banking partners” to provide services to its institutional clients.

The website is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News