Brad Garlinghouse did not identify the volume of cash the firm had in Silicon Valley Bank

Ripple Chief Executive Officer Brad Garlinghouse took to Twitter on March 12 to discuss the firm’s exposure to Silicon Valley Bank (SVB) and reassure his followers of Ripple’s stability.

Ripple had exposure to Silicon Valley Bank, the CEO said, but ‘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.’

His short tweet thread was aimed at reassuring users.

Rest assured, Ripple remains in a strong financial position, Garlinghouse tweeted.

He did not identify the volume of cash the firm had in Silicon Valley Bank.

Ripple CTO David Schwartz had promised on March 11 that the firm would release a statement on its Ripple exposure ‘shortly,’ even though it is not clear that the Garlinghouse tweet was what he had in mind.

Hours later, the Federal Reserve declared it had established a funding program of $25 billion to aid banks with liquidity during times of financial crisis.

In another announcement, the Fed said that all depositors of SVB would have access to all of their money beginning Monday, March 13.

No losses related to the resolution of SVB will be borne by the taxpayer, it further said.

Schwartz commented on March 10: I still do not understand how a run on a bank can cause it to become insolvent. If the bank was solvent earlier, that means its assets exceed its obligations. They possibly would have become solvent against [sic] as their 10 year treasuries matured. But they did not get that opportunity due to a run.

The price of Ripple’s XRP tumbled from $0.40, rising against market trends, on March 9 to $0.35 on March 12 before recuperating.

Ripple is engaged in a legal battle with the US SEC over the status of their XRP crypto currency, but a Ripple executive called 2022 a ‘record year of business and customer growth’ for the firm. Garlinghouse said in January that he expected to see the case resolved in June.