Ripple 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.
Ripple 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.
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.
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“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.
