Brad Garlinghouse, the CEO of Ripple, took to Twitter to alleviate concerns about the company’s ties with Silicon Valley Bank (SVB). He acknowledged that Ripple had partnered with SVB as a banking partner and had some of their cash balance held by them. 

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

However, Garlinghouse quickly clarified that Ripple’s day-to-day business operations would not be affected since they already had most of their USD funds held by various bank partners. 

Ripple Assures Investors of Strong Finances Amid SVB Fears

As the uncertainty surrounding SVB and its impact on Ripple lingers, it’s understandable that many people are anxious about the future. Nevertheless, despite the paucity of details, Brad Garlinhouse remarked that Ripple is still in a healthy financial position.

While Brad Garlinghouse refrained from revealing the number of funds held in the bank, the positive responses from users indicate their satisfaction with his statement. Furthermore, David Schwartz took to Twitter to announce that Ripple would be issuing a statement soon to provide further clarity on the matter.

In another tweet, Brad Garlinghouse pointed out the current situation’s irony, highlighting the financial systems’ persisting flaws. He went on to claim that as they witness companies struggling to make payroll, it becomes evident that the lack of a 24/7/365 wire transfer service and the difficulties in moving money within a fragmented system can result in rumors leading to collapse.

It’s ironic that so much of what’s happening (as some companies scramble to make payroll) highlights how broken our financial systems still are – i.e. wires are still not 24/7/365, rumors lead to collapse and the frictions of moving money within a deeply fragmented system.

— Brad Garlinghouse (@bgarlinghouse) March 12, 2023

On the same accord, Brad Garlinghouse’s recent tweet highlights the irony of living in a digital age where communication is instantaneous, yet financial systems still face issues. In addition, Garlinghouse’s tweet emphasizes the urgent need to address these flaws in the economic systems and adopt more efficient processes to prevent similar problems from arising.

In light of Brad Garlinghouse’s tweets, Ripple is asserted to have a firm financial position and is well-equipped to lead the way in implementing these necessary changes in the financial industry. The cryptocurrencies picked on a bullish note, and so did XRP. At the time of writing, the Ripple token is trading at $0.3744, up by 2.2% with a trading volume of $1,857,700,397.