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Co-founder of Yuga Labs ensures safety from SVB chaos
The fallout from Silicon Valley Bank (SVB) on Friday has sent shockwaves through the crypto and tech industry. This led to many companies feeling uncertain about their financial position. However, Yuga Labs’ co-founder Garga assured the community that their event would not affect their business. In a recent statement, Garga provided much-needed relief to Yuga Labs’ investors.
Yuga Labs’ commitment to financial security
After closely monitoring the SVB fallout, Yuga Labs co-founder Garga’s recent statement has brought much-needed relief to the community. According to Garga, Yuga Labs has “super limited exposure” to the now-failed bank. This means that the company’s finances will not be significantly affected by the fallout. Garga also acknowledged that other crypto and tech companies may not be as lucky.
Yuga Labs has a history of being proactive in protecting its finances. During the November 2022 FTX fallout, co-founder Gordon Goner assured the community that the company’s money was safe. According to him, funds were held in Coinbase Custody, bank accounts and T-Bills. Goner also revealed that the company had moved its money out of FTX.us before the fall. This demonstrated Yuga Labs’ commitment to financial security and risk mitigation. Goner also expressed sympathy for those affected by the FTX fallout.
Yuga Labs reassures investors amid SVB fallout
Yuga Labs has made a name for itself in the crypto space with its highly successful NFT project, Bored Ape Yacht Club (BAYC), which has attracted a massive following, including high-profile celebrities such as Jimmy Fallon and Justin Bieber. The success of this project has drawn attention to Yuga Labs’ other ventures, such as the Mutant Ape Yacht Club and others, further solidifying the company’s position in the industry.
Yuga Labs’ recent statement regarding the SVB fallout has reassured investors. It also showed that the company can handle any financial challenges that may arise. With a diverse range of investments, Yuga Labs has effectively reduced risk and secured finances, positioning itself as a reliable player in the industry.
The SBV Demise sent shockwaves through the crypto world
The fallout from Silicon Valley Bank has had a significant impact on the crypto and tech industry. It caused widespread concern about the financial stability of many companies. However, Yuga Labs’ co-founder Garga has reassured the community, stating that the company has “super limited exposure” to the now-failed bank.
