Coinbase Reportedly Switches From Silvergate To Signature Bank

Coinbase has reportedly switched from Silvergate to Signature Bank for its customers with Prime accounts.

 

It was gathered that the change only affects banking in US Dollars and does not affect GBP or EUR services.

 

On Thursday, Coinbase said in a series of tweets that it was switching from Silvergate, while also allaying fears that client funds were endangered.

 

“In light of recent developments & out of an abundance of caution, Coinbase is no longer accepting or initiating payments to or from Silvergate.

 

” Coinbase will be facilitating institutional client cash transactions with our other banking partners and has taken proactive action to help ensure that clients experience no impact from this change.

 

“Client cash is held at FDIC-insured U.S. banks. When a client has a large dollar balance, Coinbase stores their cash in a U.S. government money market fund to keep it safe & liquid, ”

 

 

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