{"id":18274,"date":"2023-03-02T21:15:26","date_gmt":"2023-03-02T21:15:26","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/coinbase-severs-ties-with-silvergate-bank-amidst-jpmorgan-downgrade-and-delayed-sec-filing-bitcoin-news\/"},"modified":"2023-03-02T21:15:26","modified_gmt":"2023-03-02T21:15:26","slug":"coinbase-severs-ties-with-silvergate-bank-amidst-jpmorgan-downgrade-and-delayed-sec-filing-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/coinbase-severs-ties-with-silvergate-bank-amidst-jpmorgan-downgrade-and-delayed-sec-filing-bitcoin-news\/","title":{"rendered":"Coinbase Severs Ties With Silvergate Bank Amidst JPMorgan Downgrade and Delayed SEC Filing \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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On March 2, 2023, the cryptocurrency exchange Coinbase announced that, in light of recent developments, the company is \u201cno longer accepting or initiating payments to or from Silvergate Bank.\u201d The news follows the crypto bank\u2019s delay of its annual 10-K filing with the U.S. Securities and Exchange Commission (SEC) and JPMorgan\u2019s downgrade of the company\u2019s shares from \u201cneutral\u201d to \u201cunderweight.\u201d<\/strong><\/p>\n

Coinbase Cuts Ties With Silvergate Bank, Firm\u2019s Shares Expected to Be Highly Volatile After Recent Developments<\/h2>\n

Coinbase announced on Thursday that it is no longer accepting or initiating any payments to or from the crypto-friendly bank Silvergate. Recently, Silvergate delayed its 2022 fiscal year 10-K filing with the SEC, citing the need for more time to complete the filing. Following the delay, the financial institution JPMorgan downgraded<\/a> the company\u2019s stock from \u201cneutral\u201d to \u201cunderweight.\u201d<\/p>\n

Prior to the opening bell on Wall Street Thursday morning, Silvergate\u2019s shares<\/a> had slid 17.20% in value over the past five days. At 8:23 a.m. Eastern Time, Coinbase made its announcement. \u201cAt Coinbase, all client funds continue to be safe, accessible and available,\u201d the company tweeted<\/a>. \u201cIn light of recent developments and out of an abundance of caution, Coinbase is no longer accepting or initiating payments to or from Silvergate.\u201d<\/p>\n

While further noting that funds held at Coinbase are safe, the company added<\/a>:<\/p>\n

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Coinbase has de minimis corporate exposure to Silvergate.<\/p>\n<\/blockquote>\n

The JPMorgan downgrade and Coinbase announcement regarding Silvergate come amid reports<\/a> that the crypto derivatives platform Ledgerx has informed customers that it is no longer working with Silvergate. The alleged email sent by Ledgerx to customers states that wire transfers will now be conducted through Signature Bank.<\/p>\n

Although Ledgerx was once part of the FTX company, it is now one of the subsidiaries not involved in the FTX bankruptcy proceedings. Hours before the Coinbase announcement, CNBC reported<\/a> that Silvergate\u2019s stock was expected to be one of the most active during Thursday\u2019s trading session.<\/p>\n

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\nTags in this story
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10-K filing<\/a>, Accessibility<\/a>, announcement<\/a>, bankruptcy proceedings<\/a>, caution<\/a>, client funds<\/a>, cnbc<\/a>, Coinbase<\/a>, corporate exposure<\/a>, crypto-friendly<\/a>, Cryptocurrency<\/a>, derivatives platform<\/a>, Developments<\/a>, Downgrade<\/a>, financial institution<\/a>, ftx<\/a>, jpmorgan<\/a>, LedgerX<\/a>, neutral<\/a>, payment<\/a>, safety<\/a>, SEC<\/a>, shares<\/a>, Signature Bank<\/a>, Silvergate<\/a>, Silvergate Bank<\/a>, Silvergate Shares<\/a>, trading session<\/a>, transactions<\/a>, underweight<\/a>, Volatile<\/a>, Wall Street<\/a>, wire transfers<\/a><\/div>\n<\/div>\n

What impact do you think the recent developments involving Silvergate Bank will have on the cryptocurrency market as a whole? Share your thoughts about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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