Coinbase has stated that it has millions in corporate cash balance with Signature Bank, which was closed on March 13 by regulators. The bank had $110.36bn in assets and $88.59bn in deposits at the end of 2022. According to a tweet from Coinbase on March 13, it had “an approximately $240m balance in corporate cash” at Signature. Despite the turbulence in the traditional banking sector, Coinbase assured its clients that their funds were safe and accessible. All client cash at banks continues to be protected by FDIC pass-through insurance, the firm added.
