Ripple CEO confirms very small exposure to SVB

On Mar 13, 2023

Brad Garlinghouse confirmed that Silicon Valley Bank’s (SVB) failure will not impact its operations.

Ripple is a San Francisco headquartered fintech company, which uses XRP ledger (XRPL) technology & its native token XRP to provide global payment services for small & big companies. Since Dec 2020, This company has been under a legal hurdle with the United States Securities and Exchange Commission (SEC) over the nature of the XRP token & its financial services.

On 13 March 2023, Brad Garlinghouse, CEO of Ripple, took to Twitter to inform his followers about the company’s relationship with Silicon Valley Bank (SVB).

Garlinghouse said that Ripple has many banking partners and SVB is one of them. He explained that SVB holds only a small amount of its cash reserves, so Ripple will not face any big problem.

Obviously a lot is still unknown about what happens with SVB, and as is the case with many others, we hope to have more details soon – but rest assured, Ripple remains in a strong financial position.
— Brad Garlinghouse (@bgarlinghouse) March 12, 2023

Further, Garlinghouse said that the failure behind the SVB services is still a mystery for us and we are hoping the detailed information will come to the public soon.

Solana rival Sui network recovers after 2 hours…

Nov 21, 2024

Coinbase Launches 4.7% APY USDC Service: Will U.S.…

Nov 21, 2024

Trump Administration Eyes Dedicated White House…

Nov 21, 2024

“A lot is still unknown about what happens with SVB, and as is the case with many others, we hope to have more details soon,” Ripple CEO said.

In the last, Ripple CEO slammed the traditional financial system and said that banks are failing to run 24×7×365 but in the crypto sector it is happening.

It’s ironic that so much of what’s happening (as some companies scramble to make payroll) highlights how broken our financial systems still are – i.e. wires are still not 24/7/365, rumors lead to collapse and the frictions of moving money within a deeply fragmented system.
— Brad Garlinghouse (@bgarlinghouse) March 12, 2023

Silicon Valley Bank’s downfall

Just 3 days ago, Silicon Valley Bank (SVB) announced its struggling phase, and that news further resulted in very big negative news about its depositors.

USDC issuer Circle faced very big pressure in the crypto sector, as USDC stablecoin once plunged by approximately 10% from the pegged value but now the situation changed to a better level, just after the announcement by the US financial authorities to compensate the SVB depositors against the loss.