Coinbase Halts Payments With Crypto Friendly Bank Silvergate,Coinbase announced today that it would no longer accept or initiate payments to and from Silvergate Bank amid insolvency fears.
Coinbase Halts Payments With Crypto Friendly Bank Silvergate
Key Takeaways
Crypto-friendly bank Silvergate told the SEC that it may be “less than well-capitalized” and that it was “reevaluating its business.”
Coinbase has halted payments to and from Silvergate in response.
Silvergate’s stock is down 45% on the day.
Share this article
URL Copied
Silvergate Bank is still suffering from the aftermath of the FTX collapse; it admitted to the SEC yesterday that it was uncertain about its ability to continue operating.
Silvergate’s Insolvency Fears
A crypto-friendly bank seems on the verge of biting the dust.
Leading U.S.-based crypto exchange Coinbase announced today that it would no longer accept or initiate payments to and from Silvergate Bank. The decision came after Silvergate admitted to the Securities and Exchange Commission yesterday that it may be “less than well-capitalized” and that it was “reevaluating its business.”
Coinbase stated that all exchange client assets continued to be accessible, and that the platform had taken proactive steps to ensure Coinbase customers would experience no impact from the change. It assured that institutional client cash transactions with other banking partners would also continue as usual.
Silvergate is a California-based bank. It operates a real-time payments system called the Silvergate Exchange Network, which enables customers to exchange government-issued currencies for cryptocurrencies.
The bank told the SEC yesterday that it could not file its annual financial report on time due to missing information on a number of subjects. “The company is currently analyzing certain regulatory and other inquiries and investigations that are pending with respect to the company,” it stated. “The company’s independent registered public accounting firm is also requesting detailed information relating to such matters and the company is responding to such requests.”
Silvergate recently announced a $1.05 billion loss in the fourth quarter of 2022 due to the “crisis of confidence” the crypto industry experienced following FTX’s collapse.
The company’s stock, SI, is currently trading for $7.49, down 45% on the day. It had previously reached an all-time high of roughly $237 in November 2021.
Disclaimer: At the time of writing, the author of this piece owned BTC, ETH, and several other crypto assets.
Strong winds will plummet temperatures today in CT, weather service says,Temperatures are expected to dip Sunday as wind gusts sweep across Connecticut, according to the National Weather Service. Tags:CTCT Insiderctinsider.comNational Weather ServiceNews
Apple Blocks Coinbase Wallet From Transferring NFTs As It Starts Imposing 30% Tax,"Apple's claim is that the gas fees required to send NFTs need to be paid through their In-App Purchase system, so that they can collect 30% of the gas fee," Coinbase said. Tags:Applecoinbasecompaniesibtimes.comInternational Business TimesNFT
JUST IN: Coinbase provides step-by-step guide on how to buy $CORE ahead of the CORE DAO Airdrop; planning to list the coin soon - Newsway,Newsway Nigeria News Portal. Everyday and up-to-date happenings within and outside Nigeria. Tags:coinbasecoreCore DAONewswaynewsway.com.ngwallet
Aptos Airdrop Season Is Coming. Here’s How You Can Profit,After Aptos launched on mainnet in October, several new protocols on the network are gearing up to launch their own tokens. Tags:airdropsAptosCarsCrypto Briefingcryptobriefing.comEducation
BNB Chain Halted After Suspected Hack, $536M Compromised,A BNB whale with over $536 million in assets may have had their wallet exploited today. BNB Chain has paused its services in response. Tags:CarsCrypto Briefingcryptobriefing.comNews
Crypto Community Reacts to “Historic” Ethereum Merge Event,The Ethereum "Merge" has finally shipped. Several prominent crypto community members have applauded developers on the successful launch. Tags:BitcoinCarsCrypto Briefingcryptobriefing.comEthereumNewsThe Merge
MakerDAO's Christensen Pushes “Endgame Plan” to Save DAI From Attack,Rune Christensen has outlined a plan to help the MakerDAO protocol transition its DAI stablecoin into a free-floating asset. Tags:analysisCarsCrypto Briefingcryptobriefing.comDeFimakerdao
Democrats Plan on Returning at Least $9.85M in FTX Donations,FTX and its affiliates donated more than $46.5 million U.S. political groups—a number of which are now prepared to return the money. Tags:Crypto Briefingcryptobriefing.comDemocratsftxNewsSam Bankman Fried
Binance USD Given Fatal Blow by U.S. Regulator,Binance USD (BUSD), the third largest stablecoin in the crypto market, and its issuer Paxos are being targeted by the SEC and NYDFS. Tags:binanceBUSDCrypto Briefingcryptobriefing.comNewsPaxosSEC
Three ways moving on from Aaron Rodgers impacts Packers
Three ways moving on from Aaron Rodgers impacts Packers,Moving on from a franchise quarterback is a challenging situation for any NFL team. Here are three ways the Packers will be impacted if Rodgers has indeed played his last game as a member of the
DOH warns vs eating seafood from oil spill areas
DOH warns vs eating seafood from oil spill areas,The Department of Health warned the public yesterday against eating fish and other seafood from areas affected by the oil spill.
The post DOH warns vs eating seafood from oil spill areas appeared first
Washington turns to Wall Street to help rescue dying bank
Washington turns to Wall Street to help rescue dying bank,In a scene reminiscent of the last financial crisis, the federal government turned to Wall Street this week for help with a blossoming emergency in the banking sector
Oakley x Brain Dead Sunglasses Capsule Sees Experimentation and Functionality Intersect | Man of Many,The Oakley x Brain Dead capsule collection features four exclusive sunglasses, each pushing the limits between aesthetically and functionally Tags:CollaborationsFashionmanofmanymanofmany.comOakleysunglasses
You only need one dumbbell, three moves and 10 minutes to strengthen your legs,This simple session will strengthen your core while building muscle in your legs and glutes in under 10 minutes Tags:fitandwell.comfitnesswearefitandwellWorkouts
Abstract Divinities: Charlie Cawood's solo adventure,He plays bass in Knifeworld, took over from Kavus Torabi as the multi-instrumentalist for the Mediaeval Baebes, teaches music and has plenty else on besides. At 29, Charlie Cawood is treading a fascin Tags:KnifeworldLouderloudersound.comMusic listeningProgProgMagazineUK
Quentin Tarantino's simple reason for staying away from superhero films: 'I'm not a hired hand',The superhero filmmaking machine has picked up some of the biggest names in directing in the 15 years since the Marvel Cinematic Universe ushered in a new age of comic book tentpoles, but there are still some filmmakers who don't want to go near the genre. Oscar winner Quentin Tarantino counts himself among them, for a very simple reason. Tags:DC Extended UniverseMarvel Cinematic UniverseMoviesNewsQuentin TarantinoStar TrekSuperheroesSYFY Official SiteSYFY WIRE Blog Postsyfy.comSYFYWIRE
Win Premier League tickets courtesy of EA Sports FIFA,FourFourTwo and EA are giving away tickets for selected upcoming Premier League matches - here's how you can enter... Tags:FeatureFourFourTwomusicradar.comstories
You can record a song with Gene Simmons at Electric Lady studios for $6000,Last month, Kiss founder Gene Simmons offered fans the opportunity to spend a day with him at London's iconic Abbey Road Studio this July. For just £5000, purchasers will be able to record a Tags:Classic RockClassicRockMaggene simmonskissloudersound.comMetal HammerMusic listening
/cdn.vox-cdn.com/uploads/chorus_asset/file/20018571/DSCF0849.jpg "Sonos Arc review: an immersive soundbar that home theater enthusiasts can love")
