Ripple CEO Brad Garlinghouse took a Twitter post to clarify answers regarding the company’s relationship with Silicon Valley Bank. made.
Setting the record straight on SVB Qs:
NEWS CONTINUES BELOWRipple 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
NEWS CONTINUES BELOW
Brad Garlinghouse as Ripple’s banking partner Silicon Valley Bankannounced that it has a certain amount of relationship with and retains some of its cash balance.
However, he reassured investors that there would be no disruption to the company’s day-to-day business as they hold most of their USD in a wider network of bank partners.
Brad Garlinghouse He also touched upon the current state of the financial system, emphasizing how corrupt financial systems are still, as they are extremely sensitive to rumors.
Ripple CEO also stated that he will share more details soon. The CEO explained that he can assure investors that the company remains in a strong financial position.
Reactions from the community were quite mixed. Some members thanked Garlinghouse for the post and expressed their admiration for Ripple’s resilience in the face of challenges.
However, some community members were concerned about the amount of money Ripple was holding in SVB, with one user estimating it as a “significant amount of money”.
As Koinfinans.com previously reported, US officials announced that they are considering protecting all deposits in the collapsed Silicon Valley Bank. This news had a positive impact on the Bitcoin price and helped it surpass the $21,000 level.
You can follow the current price action here.