{"id":304783,"date":"2023-03-02T14:29:11","date_gmt":"2023-03-02T14:29:11","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=304783"},"modified":"2023-03-02T20:50:26","modified_gmt":"2023-03-02T20:50:26","slug":"silvergate-shares-tanks-46-after-coinbase-severed-payment-partnership","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/silvergate-shares-tanks-46-after-coinbase-severed-payment-partnership\/","title":{"rendered":"Silvergate shares tank 46% after Coinbase severed payment partnership"},"content":{"rendered":"

Crypto-friendly bank Silvergate<\/a> has seen its shares<\/a> (SI) fall by over 44% shortly after news emerged that Coinbase will stop using its USD payment service.<\/p>\n

Leading crypto exchange Coinbase informed<\/a> its Primer users on March 2 that it has decided to change Silvergate as its banking partner.<\/p>\n

Coinbase said it has moved to work with Signature bank for all USD-related payments.<\/p>\n

“We are facilitating fiat withdrawals and deposits using Signature Bank, effective immediately” Coinbase said.<\/p><\/blockquote>\n

Coinbase has urged its Prime users to update their payment instructions to reflect Signature Bank details.<\/p>\n

According to Coinbase, the update will not affect users' crypto holdings or trading experience on Coinbase Prime.<\/p>\n

Coinbase's move to severe banking relationships with Silvergate may be linked to an ongoing investigation by U.S. authorities.<\/p>\n

Trouble in Silvergate<\/h2>\n

In the wake of the FTX collapse, the U.S. Department of Justice<\/a> moved to probe Silvergate for its alleged role in the FTX fallout.<\/p>\n

Several U.S. senators had accused<\/a> Silvergate of conducting business deals with FTX, despite having knowledge of the exchange's mismanagement of customers' funds.<\/p>\n

At the end of the fourth quarter of 2022, Silvergate reportedly lost<\/a> over $1 billion due to a sustained decrease in digital asset customers.<\/p>\n

In addition, Silvergate failed<\/a> to submit its annual 10-K report to the U.S. Securities and Exchange Commission (SEC) on March 1. As a result, the company's share lost over 32% of its value to trade at $9.14.<\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto-friendly bank Silvergate has seen its shares (SI) fall by over 44% shortly after news emerged that Coinbase will stop using its USD payment service. Leading crypto exchange Coinbase informed its Primer users on March 2 that it has decided to change Silvergate as its banking partner. Coinbase said it has moved to work with […]<\/p>\n","protected":false},"author":1378,"featured_media":304788,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76747,39,77968],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nSilvergate shares tank 46% after Coinbase severed payment partnership<\/title>\n<meta name=\"description\" content=\"Coinbase has dropped Silvergate as its payment partner; urges Prime users to update their payment instructions to Signature Bank.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/silvergate-shares-tanks-46-after-coinbase-severed-payment-partnership\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Silvergate shares tank 46% after Coinbase severed payment partnership\" \/>\n<meta property=\"og:description\" content=\"Coinbase has dropped Silvergate as its payment partner; urges Prime users to update their payment instructions to Signature Bank.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/silvergate-shares-tanks-46-after-coinbase-severed-payment-partnership\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-02T14:29:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-02T20:50:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/coinbase-signature.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Christian Nwobodo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Christian Nwobodo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/silvergate-shares-tanks-46-after-coinbase-severed-payment-partnership\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/silvergate-shares-tanks-46-after-coinbase-severed-payment-partnership\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/christian-nwobodo\/#person\",\"name\":\"Christian Nwobodo\",\"url\":\"https:\/\/cryptoslate.com\/author\/christian-nwobodo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/christian-nwobodo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/christian-nwobodo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/chriscen-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/chriscen-author-300x300.jpg\",\"caption\":\"Christian Nwobodo\"},\"jobTitle\":\"Journalist\",\"description\":\"Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. 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