325.2 Mln XRP Moved by Ripple and Binance, While Biggest ODL Partner Faces Regulatory Issues

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Fri, 10/23/2020 - 15:00
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Yuri Molchan
325 mln XRP has been wired by Ripple and Binance over the past twenty-four hours; meanwhile, Ripple’s ODL partner Bitso eyes Latin America as a promising payments market
325.2 Mln XRP Moved by Ripple and Binance, While Biggest ODL Partner Faces Regulatory Issues
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XRPL Monitor has tweeted that over the past twenty-four hours, among XRP transactions spotted on the blockchain, there were three that carried a total of $83,104,415 in the fourth largest cryptocurrency XRP.

Those wires were made by Ripple and Binance.

Ripple, Binance shift $83,104,415 worth of XRP

The major XRP tracking bot spread the word about three lumps of XRP transferred by blockchain giants. The leading crypto exchange Binance wired a whopping 300 mln XRP.

Ripple tech decacorn performed two transactions of 12.5 mln XRP each.

XRP
Image via Twitter

Ripple holds over a half of all circulating XRP. Besides, a gargantuan amount of these coins are locked in the company’s escrow vaults. 

On the first day of each month, Ripple releases one billion XRP and later on the same day wires 800 mln XRP back to be locked. The decacorn uses its XRP stashes for operational expenses, investments and for supporting XRP liquidity on crypto exchanges.

Previously, U.Today reported several times that Ripple transferred gargantuan amounts of XRP to the Binance exchange.

Related Ripple and Binance Giants Transfer Total of 116 Mln XRP, ODL Platform in Japan Involved
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Ripple and Binance Giants Transfer Total of 116 Mln XRP, ODL Platform in Japan Involved

Ripple’s biggest ODL platform expands in Latin America, facing issues

In his recent Block Stars podcast episode, Ripple CTO spoke to the CEO of Bitso, Daniel Vogel. The latter stated that Mexico right now is among the biggest and fastest-growing cryptocurrency markets with around 125 mln of the unbanked.

Due to the poor economy, the local population uses the USD as a store of value and spends pesos for daily needs. They use a lot of XRP as a bridge currency to convert one into the other and back.

Bitso is the biggest exchange in Mexico and in Latin America and it is Ripple’s ODL (On-Demand Liquidity) partner, which uses this technology for low-cost XRP transactions.

At the moment, Bitso is expanding to Argentina and it has faced some regulatory issues in this country. More than 100,000 users from there have joined Bitso, though.

Overall, Vogel believes that the Latin America is “an immediate area of opportunity for building real use cases” in the crypto payments market.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.