A week after New York regulators ordered the closure of Signature Bank, Coinbase reportedly announced it was halting support for the bank’s Signet payment platform.
followreportAs of March 20, according to The Wall Street Journal, Coinbase users will no longer be able to use Signet to send money outside of banking hours until further notice. Coinbase is reportedly looking for other payment network operators and is waiting for the outcome of Signature Bank’s situation.
Signature Bank is the third crypto-friendly bank to fall into the domino following the fiasco of Silvergate Bank on March 8 and Silicon Valley Bank on March 10. come in for “Protecting the US economy By strengthening public confidence in our banking system,” the report noted that Signature had no issues with its ability to pay its debts at the time of closing on March 12.
The US Federal Deposit Insurance Corporation has announced that bank deposits and loans – excluding about $4 billion in crypto deposits – will be sold to New York Community Bancorp’s Flagstar Bank. to customers” with a digital bank account.
Coinbase, Celsius, and Paxos all have funds linked to signatures. Coinbase estimates $240 million in corporate assets. Paxos reports that the bank is holding $250 million and Celsius has announced some funding. But did not specify the exact number.
The U.S. House of Representatives Financial Services Committee will hold a hearing exploring the failures of Silicon Valley Bank and Signature Bank on March 29.
The post Coinbase stops supporting Signature Bank’s Signet payment platform appeared first on Bitcoin Addict.