SVB Contagion Reaches Clients of Payroll Firm Rippling

“Today’s payment delay is a result of pay runs initiated early this week, with funds in-flight through SVB,” said Rippling CEO


Trutta / Shutterstock modified by Blockworks


In a major indicator of Silicon Valley Bank (SVB) contagion spreading, crypto clients of payroll processor Rippling could not pay their employees on Friday.

Rippling, in an email sent to clients late Friday afternoon that was obtained by Blockworks, said the company learned of SVB’s “solvency challenges” on Thursday afternoon.

Rippling — one of the top options for crypto companies to compensate their employees, according to industry participants —  has “historically relied on SVB rails for our payroll and other products,” CEO Parker Conrad said on Twitter.

In its email, Rippling told clients it has been “working since last year to establish payments infrastructure” through JPM and completed that process on Thursday, meaning that “new payments initiated through Rippling will be processed through JPMC and will not be impacted by these events.”

Two sources with knowledge of the matter confirmed that digital asset firms were among those affected.  

Loading Tweet..

Rippling, which has been previously backed by venture giant Sequoia, eclipsed an $11 billion valuation in its Series D capital raise, disclosed in May 2022

According to sources, Rippling started to notify service provider counterparts and related entities that payroll payouts would be delayed before news of SVB’s forced closure started to percolate. 

A number of firms, including digital assets investment managers, were among those already or potentially impacted — with the initial word being that their employees would be paid later in the day on Friday than usual. 

That initial delay appeared to be delayed again, according to one crypto hedge fund manager who is a Rippling client, as word spread that the insolvent SBV would not be able to facilitate transactions until Monday at the earliest. 

Rippling customers have been asking the payroll processor, which also provides IT and HR solutions, if it’s possible in the interim to funnel their pending payroll payouts through another bank in the meantime.

In the email, Rippling said that “unfortunately, payments in flight today out of SVB have not been paid and “some impacted employees will have received their usual pay stub notification email, despite this delay.”

SBV, according to the same email, told Rippling on Friday morning that payments would be released by the close of business PT on Friday. Rippling representatives said SBV cited an “operational delay.”

“However, given the FDIC’s involvement, there is a greater risk of non-completion of these payments,” the email said.

Conrad on Twitter on Friday said that “going forward, payroll runs through Rippling will have no exposure to SVB.”

“Today’s payment delay is a result of pay runs initiated early this week, with funds in-flight through SVB,” he said. “Our full focus is on getting these employees paid as quickly as possible.”

A Rippling spokesperson referred Blockworks to Conrad’s tweet, when initially contacted for comment.

Updated March 10 at 5:06 pm ET: Context and quotes attributed to Ripple’s email to customers added.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png


Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.



Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space


Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?


Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month


It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet


Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend


Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million