After New York state took possession of Signature Bank ( SBNY ) and transferred it to the Federal Deposit Insurance Corp. (FDIC), Coinbase ( NASDAQ: COIN ) on Sunday said it had a cash balance of ~$240M at Signature Bank as of Friday. "As stated by the FDIC, we expect to fully recover these funds," the company said. Earlier on Sunday, the U.S. Treasury Department, FDIC, and Federal Reserve said SBNY's depositors will have access to all their funds with no expenses borne by taxpayers. (Editor's note: An earlier version of this article incorrectly stated that Coinbase had $240 billion deposited at Signature Bank rather than the correct $240 million.)
