Coinbase says it has about US$240 million cash balance with Signature Bank

COINBASE Global Inc has about US$240 million in corporate cash balance with Signature Bank, the US crypto exchange said in a tweet on Sunday, hours after the state regulators closed the New York-based lender.

“Due to FDIC’s hold on Signature’s transactions, we’re currently facilitating all client cash transactions with other banking partners,” the tweet added.

The closure comes just two days after California authorities shuttered Silicon Valley Bank, in a collapse that roiled global markets and left billions of dollars of deposits belonging to companies and investors stranded.

The US Treasury Department and other bank regulators said in a joint statement that all depositors of Signature Bank will be made whole, and “no losses will be borne by the taxpayer.”

The Signature failure is the third largest in US history. REUTERS