Ripple, a digital payment and exchange platform, has reassured its customers and investors that its financial state remains stable despite the recent collapse of Silicon Valley Bank. In a statement released by the CEO, Brad Garlinghouse, he emphasized that Ripple has multiple banking partners and is not dependent on any single institution. Customers can continue to use Ripple’s services with confidence and trust in their utmost security and stability. This news ensures Ripple’s ongoing growth and success in the highly competitive fintech industry.
Ripple Labs CEO Brad Garlinghouse has confirmed that the company holds part of its funds in Silicon Valley Bank, which closed suddenly on Friday. Following the news, several other crypto companies have announced their exposure to the bank.
Ripple Labs develops the Ripple payment protocol and XRP, which is the sixth-largest cryptocurrency by market cap. Silicon Valley Bank was a well-regarded California commercial bank before its sudden closure, an event which caused disruption in global markets, including crypto.
Despite the bank’s collapse, Garlinghouse has taken to Twitter to reassure users and investors that it will not affect their daily operations and that the company remains in a strong financial position. He added that the company holds the majority of its funds in a broader network of banks but did not disclose the amount held by Silicon Valley Bank.
The news has shocked the tech and financial industries globally, and some of the bank’s investors and partners are looking for ways to quickly manage daily transactions such as payroll processing.