Gemini says no funds at Signature Bank backing GUSD
The company stated that it previously had a relationship with Signature but said it no longer has funds there. Crypto exchange Gemini had no funds at Signature Bank, and its Gemini US Dollar (GUSD) Stablecoin was not backed by any deposits at the failed bank, according to a March 13 official tweet from the company. 1/ 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. We have zero customer funds and zero Gemini dollar (GUSD) funds held at Signature Bank. — Gemini (@Gemini) March 13, 2023 The exchange further clarified that it had partnered with Signature in the past, stating, “They [Signature] have been incredible partners to Gemini and our industry for the better part of a decade.” However, all current reserves are held at only three United Stat banks — State Street Bank, Goldman Sachs and Fidelity — Gemini said. The company also stated that it is actively monitoring bank counte...