​Coinbase Pulls the Plug on Silvergate Because of Financial Un | Crypto Shake

​Coinbase Pulls the Plug on Silvergate Because of Financial Uncertainty

When Coinbase severed connections with Silvergate in favor of a partnership with Signature Bank, Silvergate took a significant hit. As a result of Silvergate's connection to FTX, the company is being investigated as Coinbase now seems to be backing down from matters.

Separation from Silvergate
The cryptocurrency exchange has said it will no longer be working with the fundraising firm. This comes as Silvergate is being investigated for its ties to FTX, which went out of business last year. The bank said that it will postpone its annual report to the SEC (SEC).

Coinbase announced on its Twitter page that it would no longer accept payments through Silvergate. The company told its clients very strongly not to use Silvergate and to look for other options instead. According to the tweet, the exchange has "de minimis corporate exposure" to Silvergate.