By Richard Davis
Ripple’s principal attorney, Stuart Alderoty, has been reported to have showered praises on the California congressman, Ro Khanna, for his sincere concern in the case of Silicon Valley Bank. Stuart Alderoty made this known in a tweet where he didn’t draw back words in expressing gratitude to the Congressman for using his office to make sure that the deposit’s funds in the bank are safe in these challenging times.
Alderoty’s tweets pointed out the bailout’s primary beneficiaries, including startups from different industries like Artificial Intelligence, Fintech, security, cryptocurrency, and healthcare. Also, in the tweet, he said those industries are essential for the growth of the global economy.
But from the information gathered so far from this development, it seems that Ripple as a company has a personal interest in the operations of the troubled bank. This can be seen in Ripple’s CEO’s expression when the idea of a bailout was brought up in the California legislative house.
Brad Garlinghouse: Ripple’s CEO cleared the air on the rumors about his company’s relationship with Silicone Valley Bank by stating that the company (Ripple) is exposed to the bank, considering that they (the Silicon Valley Bank) is their banking partner. This explains how the attorney representing the company saw the need to recognize the efforts of the California congressman.
Ripple CEO Clears the Air on the Company’s Position
In the latest report, Brad Garlinghouse has come out to clear the air on their position in the whole drama playing out in the case of silicon valley bank. According to previous records, Mr. Garlinghouse verified that Ripple has some reasonable (undisclosed) cash balance in Silicon Valley bank. The CEO assured investors in the bank that the situation would not affect their operations – especially in a cross-border transaction.
While economic and cryptocurrency experts are still trying to make sense of the actual reason behind the bank collapse, top companies in the technology and cryptocurrency industries are still in shock about the development. This is because Silicon Valley Bank was once reported as the 20th strongest bank in the United States.