Coinbase, Celsius and Paxos disclose funds in Signature Bank

Signature Bank was a critical partner for cryptocurrency businesses and those with exposure to the crypto-friendly financial firm are coming forward to reveal their ties in a bid for transparency.

Highlights

• Signature Bank was shut down by New York regulators on March 12 to “protect the U.S.
• economy” crypto-friendly bank posed a ‘systemic risk” New York-based bank was a critical partner for cryptocurrency businesses.
• Those with exposure to the bank are coming forward to reveal their ties in a bid for transparency.
• Crypto exchange Coinbase, crypto lender Celsius and stablecoin issuer Paxos are among the firms with funds tied up with the now-shuttered bank.
• Stablecoin issuer and crypto firm Paxos tweeted it had $250 million held at the bank but added it held private insurance that covers the amount not covered by the standard FDIC insurance.

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