Coinbase and Silvergate:looking for a new bank

Coinbase and Silvergate: looking for a new bank

3 March 2023

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Coinbase followed in the footsteps of other platforms by deciding to no longer deal with Silvergate and wants to looking for a new partner bank.

Silvergate Bank is the leading bank for innovative businesses in finch and cryptocurrencies based in San Diego. 

Due to Coinbase, Paxos, Gemini, BitStamp and Galaxy Digital’s decision to leave the famous bank, Silvergate is in the crosshairs.

The bank announced that it will not be able to submit the 10K form to the SEC in time. That is a document requested by the US financial supervisory authority from listed companies. Partner companies must show details of their financial performance.

As a result of what happened, the bank was down 46.8% on the New York Stonk Exchange.

Analyzing the past year, Silvergate has lost more than 90% of the value also due to the bankruptcy of some crypto partners such as FTX.

SOURCE: CoinTelegraph 

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