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Ripple Had ‘Some Exposure’ to Silicon Valley Bank, Says CEO
Brad Garlinghouse declined to say how much capital is at the failed bank but said Ripple “remains strong.”
By Danny Nelson
Updated May 9, 2023, 4:10 a.m. Published Mar 12, 2023, 9:47 p.m.
Crypto company Ripple Labs had “some exposure” to Silicon Valley Bank but nonetheless “remains in a strong financial position,” CEO Brad Garlinghouse said in a tweet Sunday.
Ripple, currently engaged in a lawsuit with the U.S. Securities and Exchange Commission over the status of the cryptocurrency XRP, stored some of its cash reserves at the now-failed tech lender, Garlinghouse said. He declined to quantify the amount stuck in limbo.
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Ripple is the latest crypto company to comment on its connections to Silicon Valley Bank, which failed Friday after a run on deposits forced regulators to put the FDIC in control of its remaining assets. Amid fear that large depositors may not be made whole, federal regulators are said to be considering measures that would seek to prevent the second-largest bank failure in U.S. history from kicking off a broader crisis.
In the meantime, parts of the startup and tech community that relied on Silicon Valley Bank (including CoinDesk) are looking for short-term solutions to day-to-day problems, like making payroll.
“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,” Garlinghouse said in the tweet.
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