Crypto’s Ripple says has exposure to failed Silicon Valley Bank
livemint.comRipple Labs, the company associated with the popular XRP cryptocurrency, has some of its funds in Silicon Valley Bank, Chief Executive Officer Brad Garlinghouse said in a tweet Sunday.
The company expects “NO disruption in our day-today business," and already held a majority of its cash in a network of banks, Garlinghouse said.
“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," Garlinghouse said.
A Ripple representative declined to share how much money Ripple holds at the bank.
XRP is the world’s sixth-biggest cryptocurrency, with a market value of nearly $19 billion, according to CoinGecko data.
This story has been published from a wire agency feed without modifications to the text.
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