{"id":75411,"date":"2023-03-13T11:11:40","date_gmt":"2023-03-13T09:11:40","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=75411"},"modified":"2025-09-10T11:32:41","modified_gmt":"2025-09-10T08:32:41","slug":"brad-garlinghouse-says-ripple-in-a-strong-financial-position-as-svb-collapses","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/brad-garlinghouse-says-ripple-in-a-strong-financial-position-as-svb-collapses\/","title":{"rendered":"Brad Garlinghouse says Ripple in a strong financial position as SVB collapses"},"content":{"rendered":"<p>Ripple CEO Brad Garlinghouse said the company was financially stable in the wake of the Silicon Valley Bank (SVB) collapse.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Setting the record straight on SVB Qs: <\/p>\n<p>Ripple had some exposure to SVB \u2013 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.<\/p>\n<p>\u2014 Brad Garlinghouse (@bgarlinghouse) <a href=\"https:\/\/twitter.com\/bgarlinghouse\/status\/1635026527976054784?ref_src=twsrc%5Etfw\">March 12, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>He noted that the company had deposits at SVB, but most of the funds were withdrawn.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cObviously, there is still a lot that is unknown about what&#8217;s happening with SVB, as with many other companies; we hope to receive more detailed information soon, but rest assured \u2014 Ripple has a strong financial position,\u201d Garlinghouse added.<\/p>\n<\/blockquote>\n<p>In his view, the current situation demonstrates how badly broken the financial system is.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">It\u2019s ironic that so much of what\u2019s happening (as some companies scramble to make payroll) highlights how broken our financial systems still are \u2014 i.e. wires are still not 24\/7\/365, rumors lead to collapse and the frictions of moving money within a deeply fragmented system.<\/p>\n<p>\u2014 Brad Garlinghouse (@bgarlinghouse) <a href=\"https:\/\/twitter.com\/bgarlinghouse\/status\/1635026530878496769?ref_src=twsrc%5Etfw\">March 12, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201c[\u2026] transfers do not operate 24\/7, rumors lead to collapse and frictions in moving funds within a deeply fragmented system,\u201d explained the Ripple CEO.<\/p>\n<\/blockquote>\n<p>On March 10, the California Department of Financial Protection and Innovation <a href=\"https:\/\/forklog.com\/en\/news\/venture-capital-investors-distance-themselves-from-silicon-valley-bank-amid-liquidity-concerns\">shut down SVB<\/a> due to \u201cinsufficiency of liquidity and insolvency\u201d and handed control to the United States Federal Deposit Insurance Corporation.<\/p>\n<p>Under the bank&#8217;s management, around $209 billion was held, and total deposits reached about $175.4 billion.<\/p>\n<p>Against the SVB collapse, the stablecoin <a href=\"https:\/\/forklog.com\/en\/news\/usdc-loses-peg-to-the-dollar-amid-svb-collapse\">USDC<\/a> and the algorithmic &#8216;stablecoins&#8217; <a href=\"https:\/\/forklog.com\/en\/news\/algorithmic-dai-and-frax-lose-peg-to-the-us-dollar-following-usdc\">DAI and FRAX<\/a> lost their peg to the US dollar.<\/p>\n<p>Earlier on March 11, Elon Musk <a href=\"https:\/\/forklog.com\/en\/news\/elon-musk-open-to-acquiring-silicon-valley-bank\">stated<\/a> there was a possibility of purchasing the bank closed by authorities. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ripple CEO Brad Garlinghouse said the company was financially stable in the wake of the Silicon Valley Bank collapse (SVB).<\/p>\n","protected":false},"author":1,"featured_media":75412,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,1274,112],"class_list":["post-75411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-brad-garlinghouse","tag-ripple"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=75411"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75411\/revisions"}],"predecessor-version":[{"id":75413,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75411\/revisions\/75413"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/75412"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=75411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=75411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=75411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}