The woes of Silvergate Bank, a crypto-focused financial services provider, seem to be increasing with each passing hour. The bank has been dropped by six other crypto firms after Coinbase cut its alliance with the bank.
Paxos Trust Company, Gemini, and Galaxy Digital Holdings Limited have stopped accepting payments from Silvergate.Meanwhile, Circle – the issuer of stablecoin USDC – announced that it was in the process of ending certain services with the bank.
Bitstamp and Crypto.com have temporarily disabled services to Silvergate Bank.In a statement released on Twitter, Paxos stated that the firm does not have “any material exposure to Silvergate”.
And, it further stated that the firm has stopped accepting all Silvergate Exchange Network (SEN) transfers. This includes wire transfers via Silvergate.Read more on ambcrypto.com