Coinbase cuts ties with Silvergate as bank delays annual report filing

ambcrypto.com:

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.