Coinbase Ends Support for Bank's Signature Digital Payments Platform
Cryptocurrency exchange Coinbase has announced the termination of support for Signet digital payment platform, owned by Signature Bank. US regulators shut down Signature last week.
The exchange said it is looking for a new technology provider. She wants it too more clarity from Signet, which allowed real-time transactions between cryptocurrencies and fiat currencies.
Earlier it became known that the US Federal Deposit Insurance Corporation (FDIC) sold Signature Bank without its cryptocurrency part. Starting March 20, 40 former Signature branches will be managed by Flagstar Bank. Signatories other than those involved in digital banking will automatically become contributors to Flagstar Bank, owned by the New York Community Bancorp.
Signature was founded in 2021. At the time of the collapse, his assets exceeded $110 billion. The bank's activities were multi-directional and cryptocurrencies were not a top priority like Silvergate. The bank began to process them only at the end of 2018. They accounted for about 23% of all deposits, while Signature had to reduce its share to 15%.
Affiliate links for registration on exchanges
When you register using the links, you receive maximum cashback on trading commissions, as well as bonuses and gifts from exchanges.
