David Schwartz, the CTO and co-founder of XRPL at Ripple Labs, took to Twitter to comment on the recent SVB case and advised users to withdraw their funds from the insolvent bank.
Although Ripple had exposure to Silicon Valley Bank, as confirmed by CEO Brad Garlinghouse, it was a small amount that would not impact their daily operations.
Schwartz clarified that details about the bank’s KYC policies and loan extensions had nothing to do with their bankruptcy. He cautioned against keeping uninsured funds in an insolvent bank.
He tweeted that “anyone who keeps uninsured funds on deposit with an insolvent bank is not a bright person“.