Host of Crypto Firms, Including Coinbase, Paxos and Galaxy, Jump Ship From Silvergate Bank

Coinbase (COIN) is no longer using Silvergate to facilitate dollar payments for its institutional customers and will now use Signature Bank (SBNY) for payments, the exchange said Thursday. Coinbase said it switched from Silvergate “out of an abundance of caution“ in a tweet, adding that it has minimal exposure to the crypto-focused bank.