Coinbase Halts Silvergate Payments As Bank Expresses Issues – March 2

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$23,275

Bitcoin price has seen a slow but steady decline over the last day of trading, as price trickles down toward the $23,000 mark.

Top-20 altcoins are down across the board, as Ether falls 2%, BNB also drops 2% and Cardano is the biggest loser, taking a 4% hit.

Top Stories for March 2, 2022 🔥

👉 Coinbase Halts Silvergate Payments As Bank Expresses Issues

Crypto exchange Coinbase announced that it will no longer accept or initiate payments to or from Silvergate Bank, after the bank announced that it may be “less than well capitalized” and was “reevaluating its business.”

Coinbase had adopted Signature Bank for its Prime customers, and will facilitate institutional client cash transactions with its other banking partners going forward.

Silvergate, a large bank for fintech and crypto, said it would not be able to file its annual financial report on time and its shares hit an all-time low in pre-market trading.

👉 SEC Chair Says Crypto Exchanges May Not Be Qualified Custodians

US Securities and Exchange Commission (SEC) Chair Gary Gensler has stated that crypto exchanges should not be considered safe qualified custodians for investment advisers.

Speaking at an Investor Advisory Committee meeting, Gensler said that recent bankruptcies in the crypto sector showed that crypto trading and lending platforms could not be relied on as qualified custodians, when referring to a recently proposed rule directing investment advisers to look to custodians for asset storage.

👉 Xapo Bank Enables Lightning Network For Small Purchases

Xapo Bank has partnered with Lightspark to integrate the Lightning Network onto its platform. The integration will enable faster and cheaper Bitcoin transactions on Xapo, reducing blockchain confirmation waiting times and transaction fees.

Xapo Bank members can now instantly pay for small purchases of up to $100 at any vendor accepting Lightning payments, without having to convert BTC to USD. The new integration was introduced as part of a new update for Xapo bank’s apps on the Apple Store and Google Store.