News

Dapper Labs Can’t Process ACH Withdrawal Option Because It Was Removed By Circle

Key Points:

  • Dapper Labs removed the ACH withdrawal option because its payment partner Circle has discontinued the service.
  • Bank transfers and USDC are still an option for Dapper users.
  • The service outage stems from the struggling and in danger of collapse of crypto-friendly bank Silvergate.
In a notice to customers, Dapper Labs, an NFT studio, has announced that it can no longer use Automated Clearing House (ACH) as its payments partner, Circle, has removed the functionality.

NFT studio Dapper Labs, known for creating popular blockchain-based games and digital collectibles, has recently reported that it can no longer process payments using Automated Clearing House (ACH). This decision comes after Circle, its payments partner, removed the functionality. This change may have an impact on the studio’s ability to receive payments and process transactions in a timely manner.

Dapper Labs has been at the forefront of the NFT (non-fungible token) market, with its most well-known creation being the NBA Top Shot platform, which allows users to buy, sell, and trade digital collectibles featuring iconic moments from NBA games. The removal of ACH functionality by Circle could potentially have an impact on the ability of Dapper Labs to continue operating smoothly and efficiently.

Last week Silvergate abruptly shut down the Silvergate Exchange Network, a payment service used by major cryptocurrency institutions. The crypto-friendly bank was found to have many regulatory loopholes and has faced scrutiny from regulatory authorities since the collapse of FTX.

This is understood to be the main reason Circle stopped ACH services. Additionally, the majority of Silvergate customers have parted with the struggling bank and stopped using their ACH services, including Coinbase, Circle, Paxos, and Crypto.com, among others.

Reportedly after the ACH service was discontinued, wire transfers and USDC remained an option for Dapper users. According to Dapper, it would still enable withdrawals made using USDC and wire transfers, with a $9 fee.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News

Victor

Recent Posts

Missed the AAVE Bullish Ride? This New Presale Can Turn Your Thousands into Millions

While Aave finds itself in uncertain territory, a fresh face in the crypto scene, Qubetics…

1 hour ago

Dogecoin Price Forecast: Analysts Push For $0.2288 DOGE While This Ethereum Altcoin Eyes 8,000% Gains In The Next 16 Days

Analysts push for a Dogecoin price surge to its $0.2288 yearly high while ETFSwap (ETFS)…

2 hours ago

Below $1 Swift Altcoin Competitor Could Overshadow XRP Price Potential Election Rally 

Discover the promising altcoin under $1 that may outperform XRP amid election volatility and market…

2 hours ago

Polkadot and SP Negócios Collaborate to Enhance Crypto Economy Development

Campinas, Brazil, 5th November 2024, Chainwire

2 hours ago

Terra Shuttle Bridge Has Now Been Disabled

Terra Shuttle Bridge has now been closed, and all remaining LUNC and USTC tokens have…

4 hours ago

FLOKI Announces Dubai Takeover with WAFI Mall Campaign

Miami, Florida, 5th November 2024, Chainwire

4 hours ago

This website uses cookies.