Ripple Will Soon Announce If They Had Funds In Silicon Valley Bank

March 12, 2023 10:18 am Comments

Many crypto companies have announced whether they were impacted by the recent collapse of Silicon Valley bank, Ripple executives however have yet to disclose whether or not they had any funds in the now disgraced bank.

Some XRP holders on Twitter are starting to get anxious because of the silence from Ripple.

A user on Twitter asked Ripple CTO David Schwartz if Ripple was affected by Silicon Valley Bank’s collapse.

Schwartz would respond by saying “We will issue a statement soon. I can’t really say anything until we do.”

Read the conversation here:

Per U. Today:

The XRP community is anxiously awaiting a statement from Ripple regarding the failed Silicon Valley Bank (SVB) and Ripple’s exposure to it. Ripple CTO David Schwartz recently tweeted that the San Francisco-based company would issue a statement soon. “We will issue a statement soon. I can’t really say anything until we do,” he said. In a series of tweets, the Ripple executive questioned the cause of Silicon Valley Bank’s collapse. Schwartz said he did not understand how a bank could become insolvent due to a run, as its assets and obligations would not change in such an event.

He suggested that the bank was already insolvent and was not tracking its obligations correctly. Schwartz also noted that the bank’s failure to mark-to-market its long-term treasury holdings contributed to its insolvency.

Some speculate that Ripple may have been affected, while others believe Ripple could potentially buy parts of SVB or be part of a liquidity solution. Its members are concerned about the potential impact on the value of XRP, with some pledging not to sell their XRP if Ripple confirms its exposure.

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