Ripple Labs, the company associated with the popular XRP cryptocurrency, has some of its funds in Silicon Valley Bank, Chief Executive Officer Brad Garlinghouse said in a tweet Sunday.
Days after US regulators announced the shutdown of the Silicon Valley Bank (SVB), the former BharatPe co-founder remarked that he is eager to see how many venture capitalists (VCs) lose their jobs in the aftermath.
Silicon Valley Bank collapse: SVB's stunning collapse has led to the freezing of tens of billions of dollars stored there by startups and their private equity backers, raising fears of a wider tech sector fallout.
On Sunday, US Treasury Secretary Janet Yellen said the federal government will not bail out SVB. However, the government is working to help depositors whose money is in the bank.