Coinbase, Galaxy Digital abandon Silvergate after lender flags risks to business

  • 📰 Reuters
  • ⏱ Reading Time:
  • 15 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 9%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

Cryptocurrency heavyweights including Coinbase Global Inc and Galaxy Digital on Thursday dropped Silvergate Capital Corp as their banking partner after the lender's latest filing raised questions about its ability to stay in business.

"The result of this remains to be seen, but we could potentially see a contagion from crypto businesses who use Silvergate Bank being impacted," Sotiriou added.

"This could potentially mean a certain trend towards crypto offshorization, at least until more comprehensive regulatory framework is established in the U.S." and others to facilitate cash transactions for institutional clients who had parked funds with the exchange.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines