COIN - Coinbase had $240M cash balance at Signature Bank expects full recovery

2023-03-13 08:36:43 ET

• After New York state took possession of Signature Bank ( SBNY ) and transferred it to the Federal Deposit Insurance Corp. (FDIC), Coinbase ( NASDAQ: COIN ) on Sunday said it had a cash balance of ~$240M at Signature Bank as of Friday.
• "As stated by the FDIC, we expect to fully recover these funds," the company said.
• Earlier on Sunday, the U.S. Treasury Department, FDIC, and Federal Reserve said SBNY's depositors will have access to all their funds with no expenses borne by taxpayers.

(Editor's note: An earlier version of this article incorrectly stated that Coinbase had $240 billion deposited at Signature Bank rather than the correct $240 million.)

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