Silicon Valley Bank Explained by Garlinghouse!

Ripple announced that some of its funds are in the SVB. Brad Garlinghouse, Chief Executive Officer of cryptocurrency Ripple, said that some of the funds of Ripple Labs, the company associated with the XRP cryptocurrency, is in Silicon Valley Bank (SVB).

Garlinghouse said the company expects “no disruption to our day-to-day business” and already keeps the majority of its cash in a network of banks.

“Obviously, a lot is still unknown about what happened to the SVB, and as with many others, we hope to have more details soon – but rest assured, Ripple remains in a strong financial position.”

No information was shared about how much money Ripple holds in the bank. According to CoinGecko data, XRP is the sixth largest cryptocurrency in the world with a market cap of approximately $19 billion.