coindesk.com
NFT studio Dapper Labs says it can no longer process with Automated Clearing House (ACH) as Circle, its payments partner, has removed the functionality.
This comes as Silvergate Bank (SI), once the go-to bank for crypto, faces significant financial headwinds and regulatory scrutiny. Over the past month, the majority of Silvergate’s clients have parted ways with the beleaguered bank and stopped using its ACH services, including Coinbase, Circle, Paxos, and Crypto.com among others.
Last week Silvergate abruptly shuttered the Silvergate Exchange Network, a settlement service used by major crypto institutions. This is understood to have played a role in Circle discontinuing ACH services.
Dapper says it will continue to support withdrawals via wire transfer, reducing its fee to $9, and USDC.
Circle, for its part, says regular operations are continuing as it looks to transition to other banking partners in order to resume affected services.
“We are communicating with customers and have taken steps to ensure access to customer funds via alternative payment and redemption channels,” Circle said in a statement.