.Coinbase told clients on Monday it’s no longer supporting Signet, the real-time payments network of failed Signature Bank, according to the Wall Street Journal. By NelWang
Coinbase users who used Signet for U.S. dollar deposits or withdrawals won’t be able to send funds outside of the usual banking hours, but Coinbase said it was looking for a new technology partner, according to the report.
Coinbase customers would still be able to make crypto deposits, withdrawals and conversions from stablecoin USDC to USD 24/7 on Coinbase Exchange, a Coinbase spokesperson told the Journal.The fate of Signet has been unclear since Signature Bank was shut down by New York State regulators last weekend and its assets transferred to a new entity run by the FDIC known as Signature Bridge Bank., but several clients have said they’ve been unable to use it properly.
In a statement to CoinDesk, an FDIC spokesperson said that “Signet is still in our receivership, no decision have been made regarding it at this time.”
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