Gemini announced that it had no client funds in the recently bankrupt Signature Bank.
Cryptocurrency exchange Gemini recently made statements about the bankrupt Signature Bank. The exchange said that client funds were not available in the bank.
Gemini’s Signature Bank Has No Client Funds
Crypto exchange Gemini said it does not hold client funds or Gemini dollars (GUSD) in Signature after the bank was shut down by regulators on Sunday. In addition to the bank, all client funds are held at JPMorgan, Goldman Sachs and State Street Bank.
Gemini made statements on the subject on Twitter. The company said all client funds are now in JPMorgan, Goldman Sachs and State Street Bank. Some GUSD reserves are in Fidelity.
The company said in a statement on Twitter:
“So sad to hear the news about Signature Bank. They have been incredible partners for Gemini and our industry for much of a decade. We continue to actively monitor counterparty risk from banking partnerships to avoid any impact on Gemini customers.”
Regulators shut down Signature Bank on Sunday but said all deposits would be safe.
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