[ad_1]
FXcoin will conduct a demonstration experiment together with Sumitomo Corporation, a global trading and investment company. In this demonstration experiment, these companies are planning to use XRP, the native digital currency of the San Francisco-based blockchain payment company Ripple.
Starting a demonstration experiment using XRP
According to a tweet posted on November 30, 2020 by a member of the XRP community known as Bank XRP, FXcoin revealed in an announcement on November 30 that it is looking forward to launching a demonstration experiment alongside Sumitomo Corporation using the digital currency XRP. During this experiment, XRP will be used “for the settlement of credits and debts between the companies of the Sumitomo Corporation group”.
Sumitomo Corporation will use XRP digital currency in fourth place for debt and credit settlement with group companies on a trial basis. Additionally, while outlining the demonstration experiment, Bank XRP’s tweet stated:
“Sumitomo Corporation will enter into a future transaction with FXcoin to hedge XRP price fluctuations and FXcoin will sell the applicable XRP on a specified date.“
FXcoin Co., Ltd. announced on the 30th that it will launch a demonstration experiment using XRP virtual currency for the settlement of credits and debts between the companies of the Sumitomo Corporation group
The scheme of the demonstration experiment is the following: https://t.co/iwi7ny4qfN https://t.co/jxyudDtjpT pic.twitter.com/QNcY0Omthb
– (@BankXRP) November 30, 2020
In addition, Ripple’s main Japanese partner SBI Group will also participate in these test deals.
142 million XRPs were transferred
Meanwhile, massive XRP transactions have occurred in recent times. As reported by the cryptocurrency monitoring service XRPL Monitor, an amount of 142 million has been moved into XRP. This amount was transferred in two separate transactions. An amount of 50 million XRP was sent by Singapore-based cryptocurrency exchange Bybit to Binance, the largest digital currency exchange in the world in terms of trading volume. The second transaction was made by South Korean digital asset exchange Bithumb which transferred an amount of 92 million XRP between its portfolios.
Additionally, XRPL Monitor reported that an amount of approximately 20 million has also been cashed by former Ripple Chief Technical Officer (CTO) Jed McCaleb.
[ad_2]Source link
