Crucial Ideas

• Silvergate Bank was no longer Coinbase’s partner for US dollar banking, according to the company.
• Thanks to the cryptocurrency exchange, Prime customers will be able to carry out institutional client cash transactions with their other banking partner, Signature Bank.
• The exchange further said that it would cooperate with its other banking partners to facilitate institutional customer cash transactions.

Coinbase announced it no longer uses Silvergate to accept dollar payments for its top clients after struggling cryptocurrency bank Silvergate confirmed yesterday that it is experiencing capitalization issues and is reevaluating its business.

also Coinbase claimed in a tweet that it had left the cryptocurrency-focused bank Silvergate Bank out of an excess of caution and that it still had limited exposure to it.

“In light of recent developments & out of an abundance of caution, Coinbase is no longer accepting or initiating payments to or from Silvergate & will be facilitating institutional client cash transactions with our other banking partners,” the company said.

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Silvergate, a bank that specializes in bitcoin and fintech, announced that it will be unable to deliver its annual financial report on time. It declared that more losses related to the securities portfolio’s other-than-temporary impairment were anticipated to be recorded.

The bank declared that they doubt they will have all the essential information ready by March 16 for the report that was due for the financial year that concluded on December 31.

This statement led to a 10% decrease in their stock price as investors became anxious that the bank may not be able to remain operational. Pre-market trading revealed Silvergate’s stock had arrived at an all-time low.

According to an email received from a client, Coinbase has partnered with Signature Bank for its Prime users. Moreover, it has declared that it will work with its other banking partners to facilitate cash transfers for institutional clients. The modification is applicable only to banking in U.S. dollars and takes immediate effect. Payment instructions in pounds or euros are unaffected.