Coinbase Continues Operations as Usual Despite Banking Troubles
Coinbase: Despite the turbulence that has been seen in the traditional banking sector recently, Coinbase continues to operate as usual. All clients of Coinbase can rest assured that their funds are safe and accessible, including USDC conversions, which will resume on Monday. This news shows the commitment to the stability that Coinbase has for its customers.
Protecting Client Funds with FDIC Pass
All client cash at banks is protected by FDIC pass-through insurance. Even if something were to happen to the bank, the customer’s money would be safe and available for them to access as normal. It puts customers’ minds at ease, as they can trust that their money will always be secure and accessible.
All client cash at banks continues to be protected by FDIC pass-through insurance. Due to FDIC's hold on Signature’s transactions, we’re currently facilitating all client cash transactions with other banking partners.
— Coinbase (@coinbase) March 12, 2023
Coinbase Client Cash Balance of $240 Million at Signature Bank
Due to FDIC’s hold on Signature’s transactions, Coinbase facilitates all client cash transactions with other banking partners. As of the business close, Friday, March 10, Coinbase had an approximately $240 million balance in corporate cash at Signature. It shows a strong commitment to customer service, as Coinbase is doing all it can to ensure that its customers’ money is safe and accessible.
Expectations to Fully Recover Funds
As stated by the FDIC, Coinbase expects to recover these funds fully. It is good news for Coinbase customers, as it shows that their money is safe and will be accessible again soon. Coinbase is doing all it can to ensure its customers’ funds are secure and accessible.
USDC is climbing back to its $1 peg following CEO Jeremy Allaire’s confirmation. This news is reassuring, showing that Circle is doing everything to ensure its customers’ funds are safe. USDC is a popular stablecoin, and this news indicates that Circle is committed to stability and security, which all customers can take comfort in.
Coinbase continues to operate as usual, despite the turmoil in the traditional banking sector. All client funds are safe and accessible, including USDC conversions which will resume on Monday, as confirmed by Coinbase. All customer cash at banks is protected by FDIC pass-through insurance. Coinbase also has an approximately $240 million balance in corporate cash at Signature Bank, and the FDIC expects to recover these funds fully. Additionally, Circle’s stablecoin USD Coin (USDC) is bouncing back towards its $1 peg after the announcement from CEO Jeremy Allaire that its reserves are safe and secure. Coinbase, Circle, and FDIC are taking measures to ensure customer funds’ security.
