Gemini says it has no business ties to Signature Bank


Cryptocurrency exchange Gemini said it held no reserves of customer funds or the Gemini Dollar (GUSD) stablecoin in Signature Bank, which was shut down by U.S. authorities.

1/ Very sad to hear about Signature Bank. They have been incredible partners to Gemini and our industry for the better part of a decade.

We hold zero client funds and zero Gemini Dollar (GUSD) funds at Signature Bank.

— Gemini (@Gemini) March 13, 2023

“Sad to hear about Signature Bank. They have been an incredible partner to Gemini and our industry for the better part of a decade.”

Exchange representatives stressed that all client funds were held at JPMorgan, Goldman Sachs and State Street. GUSD reserves are held in the last two and Fidelity.

3/ All GUSD reserves are held by State Street, Goldman Sachs and Fidelity.

— Gemini (@Gemini) March 13, 2023

“[…] All client funds and GUSD reserves are held 1:1 on Gemini and can be withdrawn at any time,” the company said.

Meanwhile, miner Marathon Digital revealed that he has access to $142 million worth of deposits held at Signature Bank.

Deposits with Marathon Digital Holdings at Signature Bank, New York, NY are safe and available for use as of Monday, March 13, 2023. Read the full update here:

— Marathon Digital Holdings (NASDAQ: MARA ) (@MarathonDH) March 13, 2023

“The company can use its funds for financial management purposes and pay all bills in the normal way. In addition, Marathon still holds over 11,000 BTC, which the company believes provides financial opportunities outside of the traditional banking system,” the statement said.

Gemini previously said it held part of a $267 million GUSD reserve in accounts at another troubled bank, Silvergate Bank, at the end of January. Representatives of the platform assured that they had withdrawn client funds and stablecoin collateral.

On March 9, Silvergate Capital Corporation, the holding company of Silvergate Bank, announced its intention to wind down operations and liquidate the bank.

Recall that on March 13, the U.S. Treasury, the Federal Reserve, and the FDIC announced the restructuring of Silicon Valley Bank and Signature Bank.

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