Ripple Exposed To $1B Loss Amid Bank Collapse? Coinbase Holds $240M

• Coinbase holds $240 million in the now-collapsed Signature bank
• Ripple has some exposure to the bank
• Coinbase is reassuring customers that it is working towards recovery of all of the funds

Coinbase Holds $240 Million in Collapsed Signature Bank

Coinbase, the leading cryptocurrency exchange, revealed that it holds a whopping $240 million in corporate cash at the now-collapsed Silicon bank. Coinbase is now assuring customers that it is working towards recovering all of the funds.

Ripple’s Exposure With SVB

Ripple’s CEO has stated that their network does have some exposure to Signature Bank, but are still confident they are in a safe place. The Federal Reserve, FDIC, and Treasury have also stated that depositors will be assured full access to their funds and no losses will be borne by taxpayers.

Coinbase Working Towards Recovery

On Monday March 13th Coinbase took to Twitter to explain to its customers that despite the turmoil in traditional banking, operations would continue as usual. Additionally, client phones are still safe and accessible and USDC conversions can still be made today.

FDIC Insurance & Cash Transactions

All client cash at banks continues to be protected by FDIC pass-through insurance. Due to FDIC’s hold on Signature’s transactions, Coinbase is currently facilitating all client cash transactions with other banking partners.

Is Ripple Also Exposed?

At this time there has been no concrete evidence or confirmation that Ripple has any direct or indirect exposure with SVB and its $1 billion balance sheet.