XRP News: Amid an increasing wave of uncertainty triggered due to the collapse of the United States based crypto friendly banks, Ripple Labs CEO, Brad Garlinghouse decided to address rumors building around its exposure to the collapsed Silicon Valley Bank.
Ripple “Had” Exposure To SVB
Brad Garlinghouse accepted that they had some exposure to Silicon Valley Bank as it acted as their banking partner. He admitted that the collapsed SVB used to hold Ripple’s cash balance. However, Ripple is expecting no disruption in its day-to-day business, he informed.
As per Ripple CEO, Ripple labs is holding a majority of its USD reserved with a broader network of bank partners. Meanwhile, Garlinghouse seems to be pessimistic about the SVB bailout and the future of firms associated with the collapsed bank.
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However, Garlinghouse assured that Ripple is in a strong financial position amid the recent major collapse. Meanwhile, he pointed out faults in the financial systems, how rumors lead to collapse, and the frictions of moving funds within a deeply scattered structure of it. Read More XRP News Here…
Ripple CEO’s addressing the rumors of its funds stuck in the collapsed bank becomes crucial as it is facing a major legal battle with the U.S. Securities and Exchange Commission (SEC). However, both parties are waiting for a summary judgment in the lawsuit.
Silicon Valley Bank took a sigh of relief after witnessing a tense week of gathering emergency funds and seeking help after the financial regulators decided to step back.