Coinbase termination of Silvergate as its banking partner has forced DACM, a crypto hedge fund to look for a new banking partner.
The Signature Bank might be the next best choice for crypto firms at the moment, but the question is for how long? Earlier in December 2022, Signature Bank announced its intention to withdraw up to $10 billion in deposits from clients who hold digital assets, starting a general exodus from the
cryptocurrency sector. The bank had already severed ties with Binance,While crypto companies have always found it difficult to find a banking partner due to the absence of clear regulations around the market, the Silvergate saga has “raised the difficulty level” of transferring cash to crypto exchanges.
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Before Silvergate and After SilvergateSam Bankman-Fried once separated life 'before Silvergate and after Silvergate,' lauding the premier crypto bank later damaged by FTX's fall. DanielGKuhn writes about Silvergate's comeuppance and whats next for crypto banks Opinion for The Node newsletter
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Coinbase Drops Silvergate as Bank’s Shares Plunge by 50%.coinbase shifts its Prime account holder service to Signature Bank and stops payments to or from Silvergate as a precautionary measure following recent developments
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Coinbase Switches to Signature Bank From Silvergate for Prime CustomersThe change is specific to banking in U.S. dollars and does not affect payment instructions in pounds or euros and is effective immediately
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Coinbase no longer accepts payments via Silvergate BankSilvergate Bank recently announced a delay in filing its annual report, sending its stock price down over %30.
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