Contents
- American financial systems are in crisis, says Garlinghouse
- Elon Musk posts meme about banks and crypto
Ripple’s CEO Suggests US Banking System Desperate for Disruptive Crypto: Founder of CryptoLaw
Yuri Molchan
The Pro-Ripple Advocate recently commented on Brad Garlinghouse’s Twitter thread
Read U.TODAY on
Google News
Founder of CryptoLaw.US John Deaton has shared his views on a recent series of tweets posted by Ripple CEO Brad Garlinghouse.
American financial systems are in crisis, says Garlinghouse
The CEO of Ripple made a statement about Ripple’s exposure to Silicon Valley Bank, which is now bankrupt and in negotiations to be sold. He admitted that Ripple was to some extent exposed to SVB, and stored some of its cash holdings since it was the company’s banking partner.
Per Garlinghouse, however, the company has not encountered any damage to its day-to-day operations in that regard. They have already spread their cash holdings over a wider network of banks.
“Ripple remains in a strong financial position,” he said, adding that much of what is happening with the aforementioned banking giant remains vague and he hopes more details will emerge soon.
Aside from that, Garlinghouse touched on the subject of the crisis facing the US banking system in light of the recent bankruptcies of two banks, Silvergate and SVB. Not only were they top-notch banks, but they also worked with crypto companies and exchanges.
The CEO stated that current events happening with the banks highlight the degree of “how broken” the US financial system is. In particular, he mentioned that money transfers do not happen every day of the year without breaks (“24/7/365”) and “rumors lead to collapse and friction by moving money in a deeply fragmented system.”
Elon Musk posts meme about banks and crypto
A hint can certainly be seen here that crypto could be the solution to change the current mess for the better. The cryptocurrency XRP that Ripple works with (same as any other crypto) is able to provide cheap, fast and non-stop transactions, surpassing bank transfers here and offering protection against what is happening to the banks now.
Even so, crypto is not completely secure; it remains volatile and vulnerable to hackers’ activities. Speaking of this controversy, on Saturday Elon Musk posted a meme, which shows a person torn with doubts about where to store his money – in crypto or in banks.
As the reality check shows, neither system is completely safe for investors and their money.
