Coinbase Announces Resumption of USDC Conversions, Ensuring Accessibility for Clients
In a recent tweet, Coinbase has announced that it will continue to operate as usual despite the recent turbulence seen in the traditional banking sector. The exchange assures its clients that all their funds are safe and accessible, and USDC conversions will resume on Monday.
Coinbase also revealed that all its client cash at banks is protected by FDIC pass-through insurance. However, due to FDIC’s hold on Signature Bank’s transactions, Coinbase is currently facilitating all client cash transactions with other banking partners.
Despite the turbulence we have seen in the traditional banking sector recently, Coinbase continues to operate as usual. At Coinbase all client funds continue to be safe and accessible including USDC conversions which will resume on Monday.
— Coinbase (@coinbase) March 12, 2023
The tweet came after the recent closure of Signature Bank by federal authorities, which caused concerns among investors and clients of the bank. According to a report by AZCoin News, the Federal Reserve, Treasury, and FDIC took action to safeguard the US banking system after the closure of Signature Bank.
Despite these concerns, Coinbase has reassured its clients that their funds are safe and secure, and they can continue to trade cryptocurrencies without any interruptions. The exchange also disclosed that as of close of business Friday March 10, it had an approximately $240m balance in corporate cash at Signature Bank, and it expects to fully recover these funds.
This news is a significant relief for Coinbase’s clients, who have been concerned about the safety of their funds in the wake of the recent closure of Signature Bank. Coinbase’s tweet assures them that their funds are secure and accessible, and the exchange is committed to providing them with the best possible service.
In conclusion, Coinbase’s announcement is a testament to the resilience of the cryptocurrency market, which has continued to thrive despite the recent turbulence in the traditional banking sector. It also underscores the importance of robust security measures and insurance protection for clients’ funds in the digital asset industry.
- Coinbase Temporarily Halts USDC:USD Conversions Due To Banking Delays Over Weekend
- Circle Concerned Over USDC Reserves At Silicon Valley Bank