Coinbase Considers Banking Features After Major American Bank Closures

Coinbase Considers Banking Features After Major American Bank Closures

Coinbase CEO, Brian Armstrong, has taken to Twitter to discuss the possibility of adding banking features to the cryptocurrency exchange, following the recent closure of three major American banks.

Armstrong stated that Coinbase has previously considered becoming a neo-bank of sorts and potentially bypassing or serving to bridge gaps experienced in the latest mainstream banking failure.

The closure of Silicon Valley Bank (SVB) and Signature Bank has caused the wider cryptocurrency community to take a closer look at ties to traditional finance institutions that serve fiat currency deposits, withdrawals, and monetary flows.

Armstrong opened the door for comments in the Twitter thread and suggested that non-fractional reserve "banking" is definitely looking more attractive right now. Coinbase had around $240 million held at Signature Bank on March 10, but expects to recover all of its corporate cash holdings.

 

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