Gemini had no customer funds, GUSD at Signature Bank

Crypto exchange Gemini said it held no customer funds or Gemini dollars (GUSD) at Signature in the wake of the bank’s closure by regulators on Sunday.

While it used to partner with Signature, all of its customer funds are now at JPMorgan, Goldman Sachs and State Street Bank, Gemini said on Twitter. Some GUSD reserves are also at Fidelity.

“It’s very sad to hear the news about Signature Bank. They have been incredible partners to Gemini and our industry for the better part of a decade,” the company said. “We continue to actively monitor counterparty risk due to banking partnerships to prevent any impact to Gemini customers.”

Regulators shut down Signature Bank on Sunday but said that all deposits would be safe. That was two days after Silicon Valley Bank was similarly seized by regulators in California. Last week, Silvergate announced that it was winding down and liquidating.

Signature Bank and Silvergate were the two most popular banks used by crypto companies, leaving many scrambling to find new banking partners. 

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