Canadian NFT company Dapper Labs said it can no longer provide ACH (Automated Clearing House) services due to their partner company Circle abandoning the function.
There were reports that Silvergate Bank (SI) had money problems this year and it was said that regulators had difficulties with them, leading to a complete shutdown of cryptopayment activities. As a consequence, companies such as Coinbase, Circle, Paxos and Crypto.com have stopped working with the bank and suspended use of ACH for the past 30 days.
In early March this year, Silvergate Bank unexpectedly shut down its Silvergate Exchange Network, a payment system used by large cryptocurrency companies. This is believed to be the reason why Circle stopped offering ACH services.
Dapper Labs studio officials said they would continue to support withdrawals through bank transfers, lowering the rate to $9 or 9 USDC.
Circle officials stressed that regular transactions continue as they work to find another banking partner to resume their services.
In an official statement, Circle said: "we are communicating with our customers and have taken steps to ensure access to digital assets through other payment and redemption methods."