Coinbase Disconnects From Silvergate Bank After SEC Delay and JPMorgan’s Downgrade

Published:

On March 2, 2023: The cryptocurrency exchange Coinbase declared that it is changing its name to demonstrate the current happenings. “no longer accepting or initiating payments to or from Silvergate Bank.” The news follows the crypto bank’s postponement of its annual 10-K filing with the U.S. Securities Exchange Commission (SEC) and JPMorgan’s downgrade of the company’s shares from “neutral” To “underweight.”

Coinbase Cuts Connection to Silvergate Bank, Firm’s Shares Predicted To Be Highly Unstable After Recent Events

Coinbase Publicized on Thursday It has discontinued accepting and initiating transactions to the crypto-friendly bank Silvergate. Recently, Silvergate The SEC deferred the 2022 fiscal year 10-K filing due to the need for extra time. Following the delay, the financial institution JPMorgan downgraded the company’s shares from “neutral” to “underweight.”

Prior To the opening bell Wall Street Thursday morning, Silvergate’s shares had dropped 17.20% in value over the past five days. At 8:23 a.m. Eastern Time, Coinbase It was made public. “At Coinbase, all client funds remain safe, accessible and available,” The company tweeted. “In light of recent developments and out of an abundance of caution, Coinbase is no longer accepting or initiating payments to or from Silvergate.”

While Not to be forgotten, funds are kept at Coinbase The company is safe added:

Coinbase has de minimis corporate exposure to Silvergate.

The JPMorgan downgrade and Coinbase Declaration related to Silvergate Take a look around reports The crypto derivatives platform Ledgerx Customers have been informed by the company that it is no more working with them Silvergate. The An email supposedly sent by Ledgerx Customers states that wire transfers are now achievable through Signature Bank.

Although Ledgerx It was once part the FTX company. However, it is not now involved in the FTX bankruptcy proceedings. Hours Before the Coinbase CNBC announced the news Silvergate’s stock was expected to be one of the most active during Thursday’s trading session.

Tags In this story
10-K filing, AccessibilityDeclaration, bankruptcy proceedings. Caution, client funds. cnbc. Coinbase, corporate exposure, crypto-friendly, Cryptocurrency, derivatives platform, Developments, Downgrade, financial institution. ftx. jpmorgan. LedgerX. Neutral, payment. Safety. SEC. Shares. Signature Bank, Silvergate, Silvergate Bank, Silvergate Shares, trading session, transactions, underweight, Unstable, Wall Street, wire transfers

What What effect do you think recent events have had on your life? Silvergate Bank Will it have an effect on the entire cryptocurrency market? Share Let us know your ideas in the comment section below.

Jamie Redman

Jamie Redman The News Lead at Bitcoin.com News Financial tech journalist living in Florida. Redman Since 2011, has been an active part of the cryptocurrency community He Has a passion for BitcoinOpen-source code and decentralized applications Since September 2015, Redman Has written over 6,000 articles. Bitcoin.com News Information about the new disruptive protocols.

Related articles

Recent articles