Coinbase Global has about US$240 million in corporate cash balance with Signature Bank, the US crypto exchange said in a tweet on Sunday (Mar 12), hours after the state regulators closed the New York-based lender. 'Due to FDIC's hold on Signature's transactions, we're currently facilitating all client cash
Coinbase Global has about US$240 million in corporate cash balance with Signature Bank, the US crypto exchange said in a tweet on Sunday , hours after the state regulators closed the New York-based lender.
The closure comes just two days after California authorities shuttered Silicon Valley Bank, in a collapse that roiled global markets and left billions of dollars of deposits belonging to companies and investors stranded. Coinbase said in a tweet it was not allowing Stablecoin USD Coin to be exchanged for US dollars over the weekend while banks are closed, citing"heightened activity", while it plans to resume swaps on Monday.
Used in cryptocurrency trading, they have surged in value in recent years. USDC is the second-biggest stablecoin with a market cap of US$37 billion. The largest, Tether, has a market cap of US$72 billion, according to CoinGecko.
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