Home NFTs Coinbase cuts ties with Silvergate; other firms join exodus

Coinbase cuts ties with Silvergate; other firms join exodus

0 comment

The biggest news in the Cryptoverse on March 2nd was that Coinbase announced it would no longer support transfers through Silvergate Bank. Other companies such as Tether, Circle, Gemini, Crypto.com, Bitstamp and Microstrategy followed suit or commented on the situation.

CryptoSlate Top Stories

Silvergate Shares Tank 46% After Coinbase Cuts Payment Partnership

Crypto-friendly bank Silvergate stock (SI) fell more than 44% shortly after news broke that Coinbase would stop using its US dollar payment service.

Major cryptocurrency exchange Coinbase notification We informed Primer users on March 2nd that we have decided to change Silvergate as our banking partner.

Coinbase said it has moved to work with signatories on all US dollar-related payments.

Tether has not been exposed to Silvergate, according to CTO Paolo Ardoino

At least two crypto firms announced today that they’ve made an important announcement about troubled US bank Silvergate, which has ties to lender FTX and is now facing a growing consortium of capital flight and regulatory scrutiny. The news influenced them through social media.

Tether, a USD-pegged stablecoin backed “100% in Tether reserves,” announced today on Twitter that it has no exposure to a California bank. according to According to Paolo Ardoino, CTO of Tether, the stablecoin has not been exposed to Silvergate.

Circle says it is “sensitive” to concerns over Silvergate as its stock price crashes.

Circle acknowledges concerns regarding Silvergate and Said We are currently in the process of notifying our customers and discontinuing certain services with them.

Circle, the issuer of stablecoin USDC, responded to ongoing FUD over its relationship with troubled cryptocurrency bank Silvergate in a tweet on March 2.

“We are sensitive to the concerns surrounding Silvergate and are in the process of rolling back certain services with them and informing customers.”

Gemini, Crypto.com, Bitstamp, Microstrategy Distancing themselves from Silvergate

As seen in various March 2 statements, several cryptocurrency companies have at least temporarily stopped accepting deposits through Silvergate Bank.

especially gemini said today You have stopped accepting wire transfer requests for deposits and withdrawals through ACH or Silvergate Bank. It says it is “actively monitoring the situation” and has no customer or GUSD funds in custody at Silvergate.

Bitstamp as well thursday blog post We have temporarily stopped supporting USD transfers through Silvergate. It also said it had temporarily suspended the Silvergate Exchange Network (SEN) service. The two companies used to work closely together, with Bitstamp partnering with Silvergate to launch his SEN leveraged product.

Crypto.com separately told CryptoSlate that “USD deposits and withdrawals through Silvergate have been temporarily suspended” on the exchange. It added that funds sent this way would be rejected, and said it had notified users of the policy change.

RLY soars by more than 80% in one day, project team shares treasury holdings, future plans.

Rally Token (RLY) registered an increase of 83.73% over the last 24 hours. crypto slate data.

RLY tokens increased from a low of $0.0149 to a high of $0.0313 over the last 24 hours. At the time of writing, the price of RLY is hovering around $0.0265.

CryptoSlate’s data also shows that the token has registered surges of 108.96% and 121.61% over the past 7 and 30 days, respectively. The 30-day indicator is unexpectedly strong given that Rally’s sidechain, RallyIO, shut down on January 31st, sending RLY’s price down by 10%.

Gensler said cryptocurrency trading and lending platforms are not suitable for storage.Proposed Adoption of New Protection Rules

Investor Advisory Board Speaks Before SEC Chairman Gary Gensler Current custody regulations do not adequately protect users’ crypto assets.

Gensler said existing custody regulations are supposed to protect investors’ crypto funds and securities by qualified custodians. However, in his view, the cryptocurrency exchanges currently in that role are not qualified administrators.

Spain has the highest number of properties available for purchase via crypto

According to Forex Suggest analysis, Spain has become the number one country in the world with the highest number of properties that can be purchased using cryptocurrencies, offering 289 properties.

Thailand and Portugal follow Spain as second and third on the list by offering 227 and 130 properties respectively purchasable with cryptocurrency as Forex Suggest. reportMost of these country listings are in tourist destinations such as Marbella in Spain and Phuket Island in Thailand.

Startup Redeem Raises $2.5M to Bring NFTs Directly to Mobile Numbers

When onboarding the next wave of NFTs into the mainstream, it could be as simple as sending a WhatsApp message or SMS.

Or Redeem, a new startup aiming to make NFT transfers as easy as using basic mobile technology, has the potential to open up its NFT technology to billions of new customers. hoping.

Ethereum Shanghai Upgrade Approaching With Massive 17.4M ETH Staken By Community

  • The Ethereum Shanghai upgrade is scheduled for the end of this month.
  • As a result, stakers can withdraw tokens from the Ethereum POS smart contract.
  • The total stake of ETH is approximately 17.4 million. This is an increase of 4 million since the September 2022 merger.

research highlights

crypto market

Over the past 24 hours, Bitcoin (BTC) has fallen 0.43% to trade at $23,446.49 while Ethereum (ETH) has fallen 0.61% to trade at $1,643.59.

Biggest Gainers (24 hours)

  • Rally (RLY): +80.96%
  • Threshold (T): +15.75%
  • Kaspa (KAS): +13.08%

Biggest Loser (24h)

  • Alethea Artificial Liquid Intelligence Token Alethea Artificial Liquid Intelligence Token (ALI): -12.63%
  • Cocos-BCX (COCOS): -11.92%
  • Energy Web Token (EWT): -9.66%

index (2)

About Us

Coingeography is a principal independent digital media resource with a coverage of comprehensive news on Crypto assets, NFT, Metaverse and the surging Web 3 space. We here deliver the most authentic and precise news from the arena of the Web 3 space and crypto assets. 

Feature Posts

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Copyright ©️ All rights reserved. | CoinGeography – Powered by Corum8