In a tweet on March 12th, Sunday Ripple CEO Brad Garlinghouse announces that they did have “some” exposure to the Silicon Valley Bank. SVB was closed on March 10, 2023 by the California Department of Financial Protection & Innovation.
The U.S. Treasury announced today that it will back Silicon Valley Bank deposits.
“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.“
“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.“
“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.“
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