The transfer and remittance market has been a considerable focus of the cryptocurrency industry and especially XRP. Ripple and its native cryptocurrency have made the use case of cross border transactions a focal priority and the latest million dollar transfer is a testament to that fact.
According to a well-known Ripple technology enthusiast and XRP supporter Alex Cobb, $35 million worth of Ethereum was sent through the popular XRP Ledger. Usually, the XRP Ledger is used to transfer XRP across borders, but the latest development is a key sign that almost all the major cryptocurrencies were looking for faster and more efficient methods of monetary transfer. Cobb tweeted:
“$35 Million Worth of #Ethereum #ETH Sent Through The #XRP Ledger. #XRP will be the standard for transacting PoW currencies “
This information was confirmed after DevNullProduction, a software production agency tweeted:
“200000.0 ETH was sent across the XRP Ledger in the last hour”
A deeper analysis of the transfer showed that the 20,000 ETH was sent across in two transactions, both amounting to 10,000ETH each. The code stated that the transactions were conducted as a form of payment with a hash of 0C8FE0A59CE15BF2FCDD4CCBD00DB0959665830DF7D8A293CFB2BE0A65BABF10.
The reason why the community was so riled up after this news broke out on Twitter was that the latest transfer opens up a variety of avenues in the cryptocurrency transfer market sphere.
Now that ETH tokens were transferred on the native XRP Ledger, many users are speculating that in the future, a single ledger could support the transfer of multiple cryptocurrencies.
Apart from making transfer cheaper for customers across the globe, such a concept might even make the cryptocurrency market seem more legitimate and efficient.
The Ripple (XRP) community had several queries about the transfer with i_airdrop, an XRP user asking:
“Seems to be a good news but I wonder how can we send ETH thru XRPL and why? Can we send currencies other than XRP or XRPL issued tokens in the XRP Ledger? Can someone shed light on this pls :)”
Reports have shown that users can send anything on the XRPL, and needn’t be just XRP alone. Since the XRPL is a layer one blockchain, it sits below Ripple Net and the InterLedger Protocol, making it possible for anyone to send cryptocurrencies on the channel.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.
