.Coinbase recently switched from Silvergate “out of an abundance of caution,' adding that it has minimal exposure to the crypto-focused bank. PaxosGlobal has also jumped ship, discontinuing all SEN transfers and wires to their Silvergate account.
, sending its stock price plunging 10% in after-hours trading. The shares tanked 48% in afternoon trading Thursday on the back of multiple ratings cuts and the Coinbase news, while shares of Signature fell 7% following the news.
Coinbase's change is specific to banking in U.S. dollars and effective immediately, but doesn't affect payment instructions in pounds or euros and is effective immediately.CORRECTION :Adds paragraph and amends head to include Paxos leaving Silvergate
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silvergate suspends Silvergate Exchange Network as company reels from crisesSilvergate’s Silvergate Exchange Network (SEN) will shut down as part of a “risk based decision,” the bank said.
Read more »
The Rise and Fall of Silvergate’s Crypto BusinessThe bank’s own data shows the rapid acceleration of its novel crypto-banking business and how leaning into digital assets made it vulnerable to the industry’s drama.
Read more »
BTC, ETH Down 5% as Silvergate Stampede Crashes Crypto | CoinMarketCapcryptonews: Bitcoin fell as much as 6% on Thursday while Ether tumbled 5% as the fallout from top crypto bank SIlvergate's warning that its survival was in jeopardy became an increasingly self-fulfilling prophecy.
Read more »
Silvergate Closes SEN Platform Institutions Used to Move Money to Crypto ExchangesNEW: Silvergate Bank announced it was suspending its 'SEN' exchange network late Friday. nikhileshde ianallison123 report
Read more »
Silvergate suspends crypto payments network; shares fall after-hoursSilvergate Capital Corp said on Friday it made a 'risk-based decision' to discontinue the Silvergate Exchange Network, its crypto payments network, two days after the digital asset-focused bank raised doubts about its viability.
Read more »
This week in markets: Crypto prices slide amid Silvergate falloutBoth bitcoin and ether prices slid last week in the aftermath of crypto bank Silvergate's troubles.
Read more »