US-based crypto exchange Coinbase has reportedly severed its ties with Silvergate Bank as its USD banking partner, citing an ongoing investigation. Instead, Coinbase will use Signature Bank to facilitate institutional client cash transactions for its prime customers. The severance will have no impact on payments in pounds or euros. JP Morgan downgraded Silvergate Capital from “neutral” to “underweight” due to insolvency concerns. This came on top of existing stress caused by the delay in filing its annual report, which also caused Silvergate Bank’s stocks to fall another 40% in pre-market trading.