Share this article
Dapper Removes ACH Withdrawal Option, Citing Circle
Wire transfer and USDC remain an option for Dapper users.
By Sam Reynolds
Updated May 9, 2023, 4:09 a.m. Published Mar 7, 2023, 4:03 a.m.
Make us preferred on Google
Non-fungible token (NFT) studio Dapper Labs says it can no longer process with Automated Clearing House (ACH) as Circle, its payments partner, has removed the functionality.
This comes as Silvergate Bank (SI), once the go-to bank for crypto, faces significant financial headwinds and regulatory scrutiny. Over the past month, the majority of Silvergate’s clients have parted ways with the beleaguered bank and stopped using its ACH services, including Coinbase, Circle, Paxos and Crypto.com among others.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Last week Silvergate abruptly shuttered the Silvergate Exchange Network, a settlement service used by major crypto institutions. This is understood to have played a role in Circle discontinuing ACH services.
Dapper says it will continue to support withdrawals via wire transfer, reducing its fee to $9, and USDC.
Circle, for its part, says regular operations are continuing as it looks to transition to other banking partners in order to resume affected services.
“We are communicating with customers and have taken steps to ensure access to customer funds via alternative payment and redemption channels,” Circle said in a statement.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
UAE's central bank has approved a USD-backed stablecoin
The USDU stablecoin is issued by Universal Digital, a crypto firm regulated by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).
What to know:
- Reserves backing USDU are held 1:1 in safeguarded onshore accounts at Universal’s banking partners: Emirates NBD and Mashreq, with Mbank.
- Digital asset infrastructure firm Aquanow has been appointed as a global distribution partner, supporting institutional access to USDU outside the UAE.
Top Stories
