Cryptocurrency Brad Garlinghouse, CEO of Ripple (XRP), one of the most popular altcoins among investors, confirmed in his statement that some of his assets were stuck in the sunken Silicon Valley Bank bank.
Ripple (XRP) CEO Brad Garlinghouse Says They Are Financially Strong Despite Having Money In Silicon Valley Bank
CEO Brad Garlinghouse noted that the company has some level of exposure to Silicon Valley Bank and has some cash in the bank. Garlinghouse did not disclose the details of the amount in question.
Speaking on Twitter, Garlinghouse had this to say about his exposure to Silicon Valley Bank:
“I’m clarifying questions about SVB:
Ripple had some exposure to SVB as SVB was a banking partner of ours and held some of our cash balance. Fortunately, we expect NO interruptions in our day-to-day business and we already hold the bulk of our USD in a large network of bank partners.
Obviously a lot is still unknown as to what will happen to the SVB and as others are we hope to have more details soon, but rest assured Ripple is in a strong financial position.
It is ironic that much of what has happened (while some companies struggle to do payroll) highlights just how corrupt our financial systems are, meaning transactions are still not 24/7/365, rumors are crashing, and the frictions of moving money in a deeply fragmented system.”
Setting the record straight on SVB Qs:
Ripple had some exposure to SVB – it was a banking partner, and held some of our cash balance. Fortunately, we expect NO disruption to our day-to-day business, and already held a majority of our USD w/ a broader network of bank partners.
— Brad Garlinghouse (@bgarlinghouse) March 12, 2023
Another cryptocurrency firm whose funds were trapped in Silicon Valley Bank was USDC stablecoin issuer Circle.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!