Coinbase switches from Silvergate to Signature Bank for Prime Clients

Coinbase (COIN) is no longer using Silvergate to facilitate dollar payments for its institutional customers and will now use Signature Bank (SBNY) for payment.

Coinbase said it switched from Silvergate “out of an abundance of caution" in a tweet, adding that it has minimal exposure to the crypto-focused bank.

Stablecoin issuer Paxos has also jumped ship from Silvergate, discontinuing transfers and wires to its account with the crypto-friendly bank.

Galaxy Digital, Mike Novogratz's crypto-focused financial services firm, has also stopped accepting or initiating transfers to Silvergate.

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