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The recent banking crisis involving Silicon Valley Bank (SIVB) and the FDIC-insured deposits of its customers has drawn attention from Ripple CEO Brad Garlinghouse. Garlinghouse took to Twitter to criticize the broken banking system, stating that it cannot even move money 24/7/365. He also made a statement regarding Ripple's exposure to SIVB, but did not provide further details. Meanwhile, a live blog by Zero Hedge reports that the FDIC is currently holding an auction for SIVB's assets, with failed bids being the likely outcome.
In related news, CNN reports that US banks are sitting on an unrealized loss of $620 billion, further highlighting the precarious state of the banking system. Meanwhile, the Zero Hedge Twitter account has criticized the Fed and Treasury for their regulatory failure in preventing billions in losses, instead focusing on board diversity and unrelated international travel.
Garliinghouse statement on Ripple Exposure to SVB
Brad has made a brief statement on Twitter summarizing Ripple's exposure to SVB. https://t.co/rTi7aLveur
— David "JoelKatz" Schwartz (@JoelKatz) March 12, 2023
Obviously a lot is still unknown about what happens with SVB, and as is the case with many others, we hope to have more details soon – but rest assured, Ripple remains in a strong financial position.
— Brad Garlinghouse (@bgarlinghouse) March 12, 2023
Garliinghouse - the system is so broken - can't even move money 24/7/365
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
