Coinbase halts support for Signature Bank's digital payments platform
Reuters
Published Mar 20, 2023 03:41PM ET
(Reuters) - Cryptocurrency exchange Coinbase (NASDAQ:COIN) Global Inc said on Monday it has stopped support for Signature Bank (NASDAQ:SBNY)'s digital payments platform Signet, more than a week after U.S. regulators took control of the bank.
The exchange said it was looking for a new technology provider or for more clarity on the outcome of Signet, which allowed real-time crypto-to-fiat currency transactions.
Coinbase's users who relied on Signet will not be able to transact outside of traditional banking hours, the exchange said.
New York-based Signature was one of two major U.S. banks that collapsed earlier this month, triggering market turmoil on a scale similar to the global financial crisis 15 years ago.
Prior to its unraveling, the bank had been looking to shrink its footprint in the crypto space after the bankruptcy of FTX and troubles at peer Silvergate Bank, which also said it was winding down operations earlier this month.
On Sunday, a unit of New York Community Bancorp (NYSE:NYCB) entered into an agreement with U.S. regulators to buy deposits and loans from Signature Bank.
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Written By: Reuters
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