.Coinbase recently switched from Silvergate “out of an abundance of caution,' adding that it has minimal exposure to the crypto-focused bank. PaxosGlobal has also jumped ship, discontinuing all SEN transfers and wires to their Silvergate account.
, sending its stock price plunging 10% in after-hours trading. The shares tanked 48% in afternoon trading Thursday on the back of multiple ratings cuts and the Coinbase news, while shares of Signature fell 7% following the news.
Coinbase's change is specific to banking in U.S. dollars and effective immediately, but doesn't affect payment instructions in pounds or euros and is effective immediately.CORRECTION :Adds paragraph and amends head to include Paxos leaving Silvergate
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