Ripple Labs, the company associated with the popular cryptocurrency XRP, has some of its funds in Silicon Valley Bank, CEO Brad Garlinghouse said in a tweet on Sunday.
The company expects "NO disruption to our day-to-day business" and already had most of its cash in a network of banks, Garlinghouse said.
"Obviously, much 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 that Ripple remains in a strong financial position," Garlinghouse said.
A Ripple representative declined to share how much money Ripple has in the bank.
XRP is the sixth largest cryptocurrency in the world, with a market value of almost $19 billion, according to data from CoinGecko.
This story is published from a news agency source with no text changes.
Meet your inner investor
Do you have nerves of steel or do your investments give you insomnia? Let's define your investment approach.
catch all business news, market news, Breaking news events and Last News Updates on Live Mint. download the mint news app to get daily market updates.
