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Popular payment-based cryptocurrency firm Ripple, which controls the fourth most valuable cryptocurrency by market capitalization, recently unlocked 1 billion XRP, worth approximately $ 177.6 million, from an escrow account.
Whale Alert monitored this movement, which occurred in two different 500 million XRP transactions, in real time.
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (88,240,341 USD) unlocked from the commitment on the Ripple Escrow wallet
Tx: https://t.co/WxlOuLWS92
– Whale Alert (@whale_alert) 1 July 2020
Ripple owns more than half of the total supply of XRP. At the end of 2017, the company promised not to sell all of its tokens (XRPs) at once, while keeping up to 55 billion XRP in escrow accounts.
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It then established a plan to release approximately 1,000,000,000 monthly XRPs for sale to be used as financing for its operations and to invest in startups of interest, with the remainder held in escrow accounts.
Done fast: Ripple (XRP) plays a dual role as a payment and currency platform. The platform is an open source platform created to enable quick and cheap transactions.
Unlike its cryptocurrency rival, Bitcoin, which was never conceived as a simple payment system, Ripple has attracted the attention of major global banks, such as Standard Chartered and Barclays for international transactions around the world.
Recall that a few months ago, the US Consumer Financial Protection Bureau seemed enthusiastic about Ripple as a tool to bring simplicity and openness to the financial sector. He said:
“As banks and credit unions increase their reliance on closed-network payment systems for sending remittances and other cross-border money transfers, the Office notes that this could lead to greater standardization and ease with which sending institutions can know exactly the third party covered – party commissions and exchange rates.
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“The Bureau also believes that extended adoption of SWIFT’s GPI product or Ripple’s suite of products could likewise allow banks and credit unions to know the exact final amount that remittance transfer recipients will receive sooner. to be sent “.
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