Meanwhile, there are heated debates about whether or not SVB depositors have been bailed out
, Ripple CEO Brad Garlinghouse clarified the company's position on its exposure to SVB. Garlinghouse confirmed that Ripple had some exposure to SVB as a banking partner and held some of its cash balance.
However, he reassured investors that there would be no disruption to the company's day-to-day business as they already held the majority of their USD with a broader network of bank partners. The recent collapse of SVB has led to panic in the technology industry, with reports suggesting that US officials are considering protecting all deposits at Silicon Valley Bank.
While some have described the intervention as a bailout, officials have stressed that it won't come at taxpayers' expense and will be funded by the fees that banks pay into the Deposit Insurance Fund.
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