March 20 (Reuters) - Cryptocurrency exchange Coinbase
Global Inc said on Monday it has stopped support for
Signature Bank's digital payments platform Signet, more
than a week after U.S. regulators took control of the bank.
The exchange said it was looking for a new technology
provider or for more clarity on the outcome of Signet, which
allowed real-time crypto-to-fiat currency transactions.
Coinbase's users who relied on Signet will not be able to
transact outside of traditional banking hours, the exchange
said.
New York-based Signature was one of two major U.S. banks
that collapsed earlier this month, triggering market turmoil on
a scale similar to the global financial crisis 15 years ago.
Prior to its unraveling, the bank had been looking to shrink
its footprint in the crypto space after the bankruptcy of FTX
and troubles at peer Silvergate Bank , which also said it
was winding down operations earlier this month.
On Sunday, a unit of New York Community Bancorp entered into an agreement with U.S. regulators to buy deposits
and loans from Signature Bank.
(Reporting by Niket Nishant in Bengaluru; Editing by Shounak
Dasgupta)
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