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Ripple CEO Confirms Company Has Funds Stored in Silicon Valley Bank

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Gherardo Fiorenzo
Gherardo Fiorenzo is an Italian author with a unique perspective shaped by his experiences in Italy and the US. His thought-provoking articles, short stories, and reviews explore the intersections of language, identity, and culture.

Ripple’s Brad Garlinghouse revealed that project It has had some exposure to Silicon Valley Bank (SVB), but the company isn’t expecting any disruption to its day-to-day operations.

Ripple, the issuer of XRP, it has been hinted that it holds some of that it cash The balance is in the embattled Silicon Valley bank, once the 16th largest in The United States entered into receivership last week.

In a March 12 tweet, Ripple CEO Brad Garlinghouse reiterated that despite the company’s exposure to SVB, it expects zero significantly disrupting its daily operations chunk of Her USD balance is spread across her banking partner network. Garlinghouse is not mentioned amount of Ripple cash currently related in SVB.

While it lasted, SVB was catering to financial Need of tech companies and innovators in United States and the world. California-based bank invested heavily in long-term we government Bonds that have lost value due to the speed of the Federal Reserve rate walking long distances. SVB has been forced to sell off over $21 billion worth of Its bonds are at a great loss to the shore up Liquidity, terrorizing investors.

SVB plan to raise $1.75 billion, announced last In the week, she teased her clients and investors and was crowned in a bank run which has made It is the highlight of the United States bank to fail since the 2008 recession.

So far, many crypto-focused and venture capital firms, including USDC Issuance, Pantera Capital, a16z, Paradigm, and others, have suffered significant losses due to the collapse of SVB.

While Ripple, you spent with The SEC is still here onhad assured her community that there is no cause for Alarm, scandalous bankruptcy in web 3 space in Recent months, including the FTX collapse and subsequent infection, have proven that centralized crypto platforms cannot be completely trusted.

on time of writingthe price of XRP is down down 0.34%, hovering around $0.35, according to CoinMarketCap.

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