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Coinbase No Longer Supporting Signature Bank’s Signet Network: WSJ
The fate of Signet has been unclear since Signature Bank was shut down by New York State regulators last weekend.
By Nelson Wang
Updated May 9, 2023, 4:10 a.m. Published Mar 20, 2023, 8:15 p.m.
Coinbase Global (COIN) told clients on Monday it’s no longer supporting Signet, the real-time payments network of failed Signature Bank, according to a Wall Street Journal report.
Coinbase users who used Signet for U.S. dollar deposits or withdrawals won’t be able to send funds outside of the usual banking hours, but Coinbase said it was looking for a new technology partner, according to the report.
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Coinbase customers would still be able to make crypto deposits, withdrawals and conversions from stablecoin USDC to U.S. dollars 24/7 on Coinbase Exchange, a Coinbase spokesperson told the Journal.
“While not ideal, this shows a need for an updated financial system,” the spokeswoman said.
The fate of Signet has been unclear since Signature Bank was shut down by New York State regulators last weekend and its assets transferred to a new entity run by the Federal Deposit Insurance Corporation known as Signature Bridge Bank. A source told CoinDesk that Signet was still operating, but several clients have said they’ve been unable to use it properly.
In a statement to CoinDesk, an FDIC spokesperson said that “Signet is still in our receivership, no decisions have been made regarding it at this time.”
Coinbase did not immediately respond to a request for comment.
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