Crypto Exchange Gemini Says It Does Not Have Any Business Relationship with Signature Bank

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Cryptocurrency exchange Gemini has announced that all customer funds are secure and held solely in JPMorgan, Goldman Sachs and State Street Bank, while reserves of the Gemini Dollar (GUSD) stablecoin are held in the last two and Fidelity.

They have emphasized that “all client funds and GUSD reserves are held 1:1 on Gemini and are available for withdrawal at any time.”

The news of Signature Bank being shut down by US authorities was followed by Marathon Digital revealing that they have access to $142 million worth of deposits held by the bank.

The company has clarified that the funds are secure and available for use, and they still hold over 11,000 BTC, which provides financial opportunities beyond the traditional banking system.

Gemini has previously said it held a portion of $267 million in GUSD reserves in accounts at Silvergate Bank, at the end of January, but had since withdrawn both client funds and stablecoin collateral.