Tag: CEO

Ripple in ‘Strong Financial Position’ despite SVB Exposure, CEO Says

Garlinghouse noted that financial systems are broken given their high susceptibility to rumors as evidenced by the current banking crisis.  In a March 12 Twitter thread to his 700,000 followers, Ripple CEO Brad Garlinghouse addressed his company’s exposure to the collapsed Silicon Valley Bank (SVB), emphasizing the company’s financial stability. The exec noted that while Ripple had exposure to SVB as a banking partner, “we expect NO disruption to our day-to-day business, and already held a majority of our USD w/ a broader network of bank partners.” Setting the record…

Coinbase CEO ponders banking features after Silicon Valley Bank crisis

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The wider cryptocurrency community continues to debate the ongoing fallout following the closure of three major American banks, with calls for neobank services for the industry on the cards. Silicon Valley Bank (SVB), which has traditionally served startups across a number of innovation sector industries, was shuttered by California’s Department of Financial Protection and Innovation on March 10. The reasons surrounding the closure are still coming to light but the news caused shockwaves through the industry, primarily driven by USD Coin (USDC) issuer Circle having over $3.3 billion of its…

Binance CEO announces recovery funds conversion from BUSD to ‘native crypto’

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The failure of three major crypto-backing banks, Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank caused the stablecoin (USDC) to fall to as low as $0.87 from its $1 benchmark.  Amid the concern mounting around stablecoins, Binance CEO and co-founder Changpeng (CZ) Zhao tweeted on March 13 that with the “changes in stablecoins and banks,” it will be converting the remaining $1 billion funds in its Industry Recovery Initiative into “native crypto.” Given the changes in stable coins and banks, #Binance will convert the remaining of the $1 billion…

Ripple CEO assures ‘strong financial position’ despite SVB collapse

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Ripple CEO Brad Garlinghouse took to Twitter on Mar. 12 to discuss the company’s exposure to Silicon Valley Bank (SVB) and reassure his followers of Ripple’s stability.  Ripple had exposure to SVB, Garlinghouse said, but “we expect NO disruption to our day-to-day business, and already held a majority of our USD w/ a broader network of bank partners.” His short tweet thread was intended to reassure users. “Rest assured, Ripple remains in a strong financial position,” he tweeted. Setting the record straight on SVB Qs: Ripple had some exposure to…

Coinbase CEO hails reintroduction of crypto tax reform law

Coinbase CEO Brian Armstrong has lauded U.S. lawmakers’ decision to revive a bill seeking to clarify crypto tax reporting. Bill to streamline crypto asset reporting requirements The Keep Innovation in America Act is a bipartisan bill introduced in March 2021 that Reps. Patrick McHenry and Ritchie Torres have revived to address digital asset reporting requirements. 1/ @PatrickMcHenry and @RepRitchie have reintroduced the Keep Innovation in America Act, which would clarify crypto tax reporting requirements so that they work with digital assets. — Brian Armstrong (@brian_armstrong) March 9, 2023 According to…

USDC de-pegs, Kraken CEO wonders if the market is losing trust in US products

By Mar. 11, USDC, a stablecoin, de-pegged, falling to as low as $0.89 during the Asian session, trackers reveal. USDC de-pegs after Silicon Valley Bank folds The de-pegging of the USDC, theoretically meant to track the value of the USD, regardless of market volatility, is why Jesse Powell, the co-founder and CEO of Kraken, is wondering if the broader market is beginning to lose faith in United States-based products. With USDC under pressure and users scrambling to exit to other mainstream stablecoins, USDT broke its peg with USDC.  Earlier today,…

Silicon Valley Bank CEO Reassuring Clients After 60% Slump

Silicon Valley Bank operating as SVB Financial Group is seeing the worst of its days with its share price plunging by 23.52% in the Pre-Market, following a massive slump of 60.41% on Thursday. Considering the massive selloff in the bank’s stock, SVB Financial Group (NASDAQ: SIVB) is now changing hands at $81.10 in what is regarded as the worst week for the firm in about a decade. The strain in the company’s stock stems from its latest fundraising through $1.75 billion in share sales. The company launched the raise this…

Investors might have avoided FTX if the SEC had addressed Bitcoin ETFs, says BitGo CEO

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The collapse of crypto exchange FTX and other bearish events in the space were at the center of discussions among lawmakers and witnesses at the inaugural hearing of the United States House Committee on Financial Services’ Subcommittee on Digital Assets, Financial Technology and Inclusion. Addressing lawmakers at the March 9 hearing, BitGo co-founder and CEO Mike Belshe criticized the U.S. Securities and Exchange Commission, or SEC, for enforcement actions against crypto firms “trying to do it right” — i.e. communicating with regulators and pursuing a path to operate in the…

UK’s FCA Can’t Protect Crypto Investors From Losses, says Agency’s CEO

The country’s financial regulator, the FCA currently has powers to ensure crypto companies register and comply with anti-money laundering rules, but it doesn’t have the ability to protect consumers from any losses they might suffer. While the Financial Services and Markets Bill that’s currently under debate in parliament and is expected to become law in April will give the FCA more power to regulate crypto, consumer loss protection won’t be included. Source