Block Journal
No Result
View All Result
  • Login
en English
nl Nederlandsen Englishfr Françaisde Deutschit Italianopt Portuguêsru Русскийes Españolth ไทยzh-CN 简体中文hi हिन्दीja 日本語
  • Home
  • News
  • Crypto
  • Markets
  • Investing
  • Glossary
  • Videos
  • Charts
    • Crypto
    • Forex
    • Stocks
    • Commodities
  • Magazine
Magazine
Newsletter
  • Trending Now
  • Bitcoin
  • Altcoin
  • Ethereum
  • Analysis
  • Blockchain
  • Metaverse
  • NFT
  • DeFi
  • Web3
  • GameFi
  • ICO
  • Legal
  • Security
Block Journal
  • Home
  • News
  • Crypto
  • Markets
  • Investing
  • Glossary
  • Videos
  • Charts
    • Crypto
    • Forex
    • Stocks
    • Commodities
  • Magazine
en English
nl Nederlandsen Englishfr Françaisde Deutschit Italianopt Portuguêsru Русскийes Españolth ไทยzh-CN 简体中文hi हिन्दीja 日本語
No Result
View All Result
Block Journal
No Result
View All Result
  • News
  • Crypto
  • Markets
  • Investing
  • Videos
  • Charts
Home News

Ripple CEO assures ‘strong financial position’ despite SVB collapse

News Room by News Room
March 13, 2023
in News
Reading Time: 3 mins read
0 0
A A
0

Ripple CEO Brad Garlinghouse took to Twitter on Mar. 12 to discuss the company’s exposure to Silicon Valley Bank (SVB) and reassure his followers of Ripple’s stability. 

Ripple had exposure to SVB, Garlinghouse said, but “we expect NO disruption to our day-to-day business, and already held a majority of our USD w/ a broader network of bank partners.”

His short tweet thread was intended to reassure users. “Rest assured, Ripple remains in a strong financial position,” he tweeted.

Setting the record straight on SVB Qs:

Ripple had some exposure to SVB – it was a banking partner, and held some of our cash balance. Fortunately, we expect NO disruption to our day-to-day business, and already held a majority of our USD w/ a broader network of bank partners.

— Brad Garlinghouse (@bgarlinghouse) March 12, 2023

Garlinghouse did not specify the amount of cash the company had in SVB.

Many Twitter users responding to the thread reacted positively to the statement:

“I never doubted you or @Ripple to have taken proper risk management,” one user wrote.

I never doubted you or @Ripple to have taken proper risk management. Thank you for the statement.

— EarthAngel.XRP☀️ (@EarthAngel_Xrp) March 12, 2023

Ripple chief technology officer David Schwartz had promised on Mar. 11 that the company would release a statement on its Ripple exposure “shortly,” although it is not clear that the Garlinghouse tweet was what he had in mind.

Hours later, the Federal Reserve announced it had established a funding program of $25 billion to assist banks with liquidity during times of financial stress. 

In another announcement, the Federal Reserve also noted that all depositors of Silicon Valley Bank will have access to all of their money starting Monday, Mar. 13. 

“No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer,” it added. 

Related: Ripple survey: 97% of payment firms believe in the power of crypto

Schwartz commented on March 10, “I still don’t understand how a run on a bank can cause it to become insolvent. If the bank was solvent before, that means its assets exceed its obligations. […] They probably would have become solvent against [sic] as their 10 year treasuries matured. But they didn’t get that opportunity due to a run.“

The price of Ripple’s XRP (XRP) dipped from a high of $0.40, rising against market trends, on Mar. 9 to a low of $0.35 on Mar. 12 before recovering.

Ripple is engaged in a legal battle with the United States Securities and Exchange Commission over the status of their XRP cryptocurrency, but a Ripple executive called 2022 “record year of business and customer growth” for the company. Garlinghouse said in January that he expected to see the case resolved in June.



Read the full article here

ShareTweetSharePinShareShareSend

Related News

PwC suspends 9 partners over Australian tax leak scandal
News

PwC suspends 9 partners over Australian tax leak scandal

May 29, 2023
Bitcoin can bring ’cause and consequence into cyberspace,’ boost security — Michael Saylor
News

Bitcoin can bring ’cause and consequence into cyberspace,’ boost security — Michael Saylor

May 29, 2023
Toyota chair faces removal vote over governance issues
News

Toyota chair faces removal vote over governance issues

May 29, 2023
Ethereum’s Shanghai upgrade made it easier to detect criminals
News

Ethereum’s Shanghai upgrade made it easier to detect criminals

May 29, 2023
Asian stocks rise on US debt ceiling deal
News

Asian stocks rise on US debt ceiling deal

May 29, 2023
Temasek slashes compensation for execs responsible for its $275M FTX investment
News

Temasek slashes compensation for execs responsible for its $275M FTX investment

May 29, 2023
ByteDance and CNPC take over Hong Kong offices vacated by foreign companies
News

ByteDance and CNPC take over Hong Kong offices vacated by foreign companies

May 29, 2023
MiHoYo strives to capture China’s gaming flag from Tencent
News

MiHoYo strives to capture China’s gaming flag from Tencent

May 29, 2023
Another dormant Ethereum wallet reawakens after 8 years, moving millions
News

Another dormant Ethereum wallet reawakens after 8 years, moving millions

May 29, 2023

Discussion about this post

Latest News

Ethereum Price Gearing For Another Lift-Off to $2K: Recovery Isn’t Over Yet

Ethereum Price Gearing For Another Lift-Off to $2K: Recovery Isn’t Over Yet

May 29, 2023
Shiba Inu (SHIB) Sees Jaw-Dropping Activity Spike as 2,538 Addresses Created in Day

Shiba Inu (SHIB) Sees Jaw-Dropping Activity Spike as 2,538 Addresses Created in Day

May 29, 2023
LTC, ARB and MATIC price outlook amid US debt limit “tentative” deal

LTC, ARB and MATIC price outlook amid US debt limit “tentative” deal

May 29, 2023
GBP/USD bulls step in on US Dollar weakness

GBP/JPY eases from fresh seven-year high towards 173.00 amid market’s consolidation on UK holiday

May 29, 2023
US watching developments at First Republic, other banks – White House

AMP names Blair Vernon as CFO, dissolves Australian wealth management structure

May 29, 2023
ADVERTISEMENT

Popular

  • EU states back ban on destruction of unsold clothing

    EU states back ban on destruction of unsold clothing

    0 shares
    Share 0 Tweet 0
  • Why the PBA Is Putting Bowling Awards On-Chain With Avalanche NFTs

    0 shares
    Share 0 Tweet 0
  • Bitcoin Climbs Past $27.4K but Remains in Holding Pattern as Investors Continue Their Debt Limit Vigil

    0 shares
    Share 0 Tweet 0
  • RBNZ’s Orr: Committee was confident in the level of restrictiveness of interest rates

    0 shares
    Share 0 Tweet 0
  • BoE: Further tightening appears likely in June – UOB

    0 shares
    Share 0 Tweet 0
Block Journal

Block Journal is the world’s leading source in blockchain news and updates. Follow us to stay up-to-date with all you need to know in web3.

LEARN MORE »

Recent Posts

  • Ethereum Price Gearing For Another Lift-Off to $2K: Recovery Isn’t Over Yet
  • Shiba Inu (SHIB) Sees Jaw-Dropping Activity Spike as 2,538 Addresses Created in Day
  • LTC, ARB and MATIC price outlook amid US debt limit “tentative” deal

Trending Topics

Altcoin Analysis Bitcoin Blockchain Commodities Crypto DeFi Ethereum Forex Futures GameFi ICO Investing Legal Markets Metaverse News NFT Security Stocks Uncategorized Videos Web3

Get Informed

The most important crypto and finance news and events of the day

Be the first to know latest important news & events directly to your inbox.

By signing up, I agree to our TOS and Privacy Policy.

  • About
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact

Copyright © 2023 Block Journal - Created by Sawah Solutions.

No Result
View All Result
  • Home
  • News
  • Crypto
  • Markets
  • Investing
  • Glossary
  • Videos
  • Charts
    • Crypto
    • Forex
    • Stocks
    • Commodities
  • Magazine

Copyright © 2023 Block Journal - Created by Sawah Solutions.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.