Here’s How Ripple Execs Assess The US Banking System Crisis

In a recent interview, Ripple executives shared their assessment of the current crisis in the US banking system. According to them, traditional banks are facing significant challenges due to outdated technology and growing consumer expectations. They believe that these issues can be addressed by embracing digital solutions such as blockchain technology and cryptocurrencies. Ripple’s team encourages banks to adopt new technologies and work together in a collaborative ecosystem to improve the financial system for all.

Ripple, a cryptocurrency company, has been impacted by the collapse of Silicon Valley Bank (SVB), one of its banking partners that held a portion of Ripple’s cash balance. However, Ripple CEO Brad Garlinghouse assured that there would be no disruption to daily operations as most of Ripple’s US dollars are held with a wider network of banking partners. Ripple executives also support the US government’s move to fund the deposit insurance fund through fees charged to banks and secure deposits while not compensating the bank’s shareholders. Some executives predict that big US banks will be the winners of the crisis as smaller, regional banks face uncertainty. Despite the SVB and bank bankruptcy, Ripple has not had any issues, and the XRP price rose by 0.2% in the last 24 hours.

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