Neosify - Buy, Stake & Earn Crypto
Neosify - Buy, Stake & Earn Crypto
Neosify - Buy, Stake & Earn Crypto
From pexels, edited in app

Coinbase in trouble with Bank and Stablecoin crises

By Yugocean | Crypto Champion | 14 Mar 2023

The crypto world is again in gloom due to the volatile prices of various stablecoins and the closure of various crypto-friendly banks. Although most exchanges have declared that there is no bad impact on them, there is a gloomy time in Coinbase.

Money in the Bank

Coinbase has investments in Signature Bank; it has admitted having $240 million worth of assets in the bank. However, there is hope of recovering Coinbase by contacting the FDIC for the return of funds held in the Signature bank.  

Unstable Fund

Coinbase is also the co-developer of USDC stablecoin, along with Circle. When USDC depegged, Coinbase users' funds were also depegged. However, Coinbase is playing it safe and claims the user funds are safe.    

Binance to the Rescue?

Binance has included USDC in its platform. Binance delisted it earlier, then Circle played revenge on Binance by complaining against BUSD, resulting in Pexos stopping further development. Also Coinbase delisted BUSD. However, Binance is not taking any revenge; if it were, then CZ would be at his best in diplomacy.   

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