Fintech major Ripple has shifted a staggering 100 million XRP in a single transfer to an unknown wallet. The massive transaction was notified by the Whale Alert tracker.
Interestingly only a few days earlier, the blockchain firm took out several billion XRP tokens from escrow. In addition to that, whales too have moved nearly 300 million XRP in the span of two days.
According to the on-chain wallet tracking site, Bithomp, a large part of the funds goes to RL18-VN – an address routinely used by Ripple to shift funds beyond the company. In the past, from this wallet, crypto was sent to exchanges, institutional customers, and charity.
Since 2018, Ripple has been unlocking this big stash of XRP with the goal to support the token’s liquidity. For the most part, only around 100 to 200 million XRP tokens are added to the supply in circulation, and the rest gets locked back in escrow.
For those new, Escrow is a feature of the XRP Ledger that allows one to send conditional XRP payments. These conditional payments are called escrows, which keep aside XRP and deliver it later when certain conditions are fulfilled.
Meanwhile, Mi Yoshikawa, Ripple’s VP of Corporate Strategy and Operations, shared an update on an important new strategic partnership for her firm.
Ripple’s Top Exec Promotes XRPL For Web 3
Yoshikawa, who has been working at the firm for nearly six years, tweeted about a new collaboration between Ripple Labs [headquartered in San Francisco, California] and Web3 Design Lab, which was founded by design and marketing entity btrax.
In the tweet, Yoshikawa revealed that Ripple supports and promotes “the use of XRP Ledger in the introduction of Web3 by Japanese firms”.
She then further elaborated on the use cases of the XRPL:
The XRP Ledger already has various functions, such as token issuance, DEX, and smart contracts under development, so we hope that it will be used in various Web3 use cases in the future! In particular, the point of differentiation of XRP Ledger is that it is an enterprise-grade chain that has been running stably for 10 years.