Coinbase Pauses Support for Signet Crypto Payment Network

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Last Updated:

Mar. 20, 2023 at 9:33 PM EDT

3 months ago

By

Vicky Ge Huang

Coinbase Global, the largest cryptocurrency exchange in the U.S., told clients on Monday that it won't support collapsed Signature Bank's real-time payment network, known as Signet, until further notice.

Coinbase users who relied on Signet for U.S. dollar deposits or withdrawals won't be able to send funds to each other outside of traditional banking hours. The company said it is looking for a new technology provider and waiting for clarification on the outcome for Signet.

"In addition to traditional payment methods, crypto deposits, withdrawals, and conversions from USDC to USD are available 24/7 on Coinbase Exchange. While not ideal, this shows a need for an updated financial system," a Coinbase spokeswoman said.

Coinbase Global Inc.

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