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Coinbase reveals impact of Silvergate, Signature Bank closures on ops

Coinbase Global Inc (NASDAQ:COIN) confirms it experienced a temporary inability to transfer fiat currencies outside of standard business hours.

Silvergate Capital Corporation (NYSE:SI), the holding company for Silvergate Bank, has announced its intent to wind down operations.

Silvergate has suspended the payment of dividends on its 5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A.

Silvergate says its deposit relationship with BlockFi is limited to less than $20 million of its total deposits from all digital asset customers.

As of September 30, 2022, Silvergate’s total deposits from all digital asset customers totaled $11.9 billion, of which FTX represented less than 10%.