The weekend will definitely not have been easy for the crypto community. While theCircle’s USDC was losing its peg with the dollarit’s the turn of Ripple (XRP)Sunday evening, to announce having a exposure to Silicon Valley Bank.
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Ripple and Silicon Valley Bank: Dangerous Liaisons
So it’s in a thread on Twitter that Brad Garlinghouse spoke and announced that the SVB was a banking partner of Ripple.
“Setting the record straight on SVB issues: Ripple had some exposure to SVB – they were a banking partner and they held some of our cash balance. Fortunately, we expect NO disruption to our day-to-day operations and already hold the majority of our USD with a wider network of banking partners. »
Let’s not panic, however, the CEO of Ripple specifies that like everyone else, he is waiting for the opening of the banks on Monday and that an interruption of his activities is not envisaged. He even specifies that “Ripple remains in a strong financial position” faced with a traditional system which seems very fragile to him.
Brad Garlinghouse then refers to the ambient mood, wishing himself reassuring in order to avoid a financial crisis. At the time of writing these few lines, the price of XRP does not seem to have had an impact, and Ripple’s native cryptocurrency remains 6ᵉ in terms of capitalization. To be continued.
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