The Ripple agreement with Jed McCaleb: was your sale of XRP on schedule?


At the end of last week, coinciding with the increase in the price of Ripple, Jed McCaleb, one of the founding members of the company, began selling a token sale. Furthermore, there have been allegations that the sell-off infringed its case with Ripple.

This has led many to wonder what the cause was, and why McCaleb has left the company in its nascent stages to start Stellar. The answer to this is found in the events that occurred when Ripple was known as OpenCoin.

It was then that he decided to leave the company, and in 2016 an agreement was reached, in which he had to sell all the shares of the company he held. In return, he will slowly sell all of his XRP and his children, instead of downloading them all to the market at one time.

This includes almost 5.3 billion XRP of its property. Under the terms of the agreement, a further $ 2 billion XRP will be donated to a charity fund.

In the past, Ripple said that McCaleb will not be able to sell more than 0.5% of the average daily volume. This number will increase to 0.75% for the second and third year, the 1.0% for the fourth year and the 1.5% above.

Regarding the reason McCaleb leaves the company, David Schwartz, Ripple's current CTO, said:

"Jed had a long series of bad ideas that the Ripple board refused to implement, so Jed started Stellar based on those ideas …[he] I tried to quickly download his XRP and Ripple acted to stop him through a series of lawsuits. "

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Anirudh VK

Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and an interest in the future of blockchain and cryptocurrency technology. At the moment it does not have any cryptocurrency.

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