Cointime

Download App
iOS & Android

Ripple Had ‘Some Exposure’ to Silicon Valley Bank, Says CEO

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 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.

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.

“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.

Comments

All Comments

Recommended for you

  • Cointime's Evening Highlights for May 19th

    1.US spot Bitcoin ETFs saw net inflows of $948.3 million this week
  • Cointime May 3rd News Express

    1. The 133rd Ethereum ACDC meeting: The goal is to complete the devnet within 7-10 days
  • Cointime April 23th News Express

    1. EigenLayer: Deposit limits for all LST tokens will be removed on April 16
  • Cointime April 5th News Express

    1.Mystiko.Network Community Sale Completed, Total $11.25 Million in XZK Sold2.Solana Co-founder Responds to the Sharp Increase in Transaction Failure Rates: Patch Coming Soon3.Ethena USDe market value exceeds 2 billion US dollars, setting a new record4.Du Jun, Executive Director and CEO of Xinhuo & Founder of ABCDE: Xinhuo Technology and ABCDE will invest 100 million US dollars to support blockchain companies that promote social development 5.QCP Capital: Bitcoin is expected to return to $70,000 this week, while Ethereum continues to be weak6.bitSmiley Labs officially launches its independent ecosystem plan, bitUniverse, and reveals its OG pass bitDisc-Black Upgraded Priviledges 7.Avalanche Foundation launches ice-breaking plan, focusing on LST track in the first phase and funding 500,000 AVAX 8.SuperRare Expands into Bitcoin Ordinals with Killer Acid's Psychedelic Art Collection 9.A dormant whale address for 8 months deposited 1,100 BTC into Binance10.Meme exchange DerpDEX.com completes multi-million dollar strategic investment, with participation from ABO Digital and others
  • Terra founder Do Kwon to be extradited to U.S.

    Terra founder Do Kwon will be extradited to the United States.
  • Cointime February 3 News Express

    1. Ripple payment service "Ripple Payments" plans to return to the US market and launch targeted solutions
  • Cointime January 14 News Express

    1.Digital asset protocol Metaplex will list its Solana inscription on January 162.Investment bank TD Cowen: The U.S. SEC will not approve an Ethereum spot ETF in the short term3.Binance, Kraken and other nine trading platforms have been removed from Google App Store in India4.Barclays economists advance forecast for Fed rate cut to start from June to March5.The Chairman of the U.S. SEC issued a statement on the theft of the SEC's official Twitter account: The impact is still being evaluated and the company is cooperating with law enforcement agencies for
  • Is Ripple’s share buyback positive or negative?

    Yesterday Reuters reported that Ripple Labs is buying back $285 million worth of stock from early investors and employees, citing sources. The tender offer allows owners to sell up to 6% of their stake, valuing the company at $11.3 billion.
  • Cointime January 7th News Express

    1.Ordinals’ cumulative fee income exceeds 5,400 BTC
  • Cointime December 31st News Express

    1.Linea mainnet has crossed 305,685 ETH