SVB Crash Does Not Impact Ripple, Says Garlinghouse

• Ripple Labs, the company behind XRP cryptocurrency, had some exposure to Silicon Valley Bank (SVB).
• Ripple CEO Brad Garlinghouse noted that Ripple remains in a strong financial position and expects no disruption to its business.
• FDIC has announced a $25 billion funding package to help SVB with liquidity issues.

The collapse of Silicon Valley Bank (SVB) on Friday has raised concerns among some investors of Ripple Labs, the firm behind the XRP cryptocurrency. However, Ripple CEO Brad Garlinghouse has assured them that the company is not affected by the bank’s failure and that it remains financially stable.

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

In a series of tweets on Sunday, Garlinghouse said that Ripple had some funds in SVB but that it did not rely on the bank for its daily operations. He said that Ripple had already diversified its cash holdings among a wider netw…

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