Is Coinbase no longer accepting Silvergate payments?

“In light of recent developments & out of an abundance of caution, Coinbase is no longer accepting or initiating payments to or from Silvergate,” the company said on Twitter. Coinbase has switched to Signature Bank for its prime customers, it said.

Why did Coinbase switch from Silvergate?

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.

What changes did Coinbase Prime make to its banking partners?

Coinbase Prime has elected to make changes to our USD banking partners," the firm said in a message to customers. "We are facilitating fiat withdrawals and deposits using Signature Bank, effective immediately." It also said it will be facilitating institutional client cash transactions with its other banking partners.