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Coinbase, Galaxy, Paxos Stop Accepting Transfers Via Silvergate Network

  • Coinbase, Galaxy, Paxos stop accepting Silvergate transfers
  • SEN has become a critical infrastructure bridge in industry
The Silvergate Bank headquarters in La Jolla, California.

The Silvergate Bank headquarters in La Jolla, California.

Photographer: Ariana Drehsler/Bloomberg
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Less than four months after the collapse of the FTX exchange, crypto companies are again finding themselves assessing exposure to an embattled partner and cutting ties preemptively to avoid contagion. 

This time, the counterparty is Silvergate Capital Corp., the bank behind a widely used payments network that facilitates the real-time transfer of money between crypto firms.