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Billion Tokens of 'XRP Rival' XLM Transferred, While Stellar Rocks at Davos' WEF

Thu, 01/19/2023 - 12:48
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Gamza Khanzadaev
1.3 billion XLM change location as Ripple rival Stellar rocks at World Economic Forum in Davos
Billion Tokens of 'XRP Rival' XLM Transferred, While Stellar Rocks at Davos' WEF
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As reported by Whale Alert, nearly 1.3 billion XLM, equivalent to a value of $108 million, were transferred from the Bittrex exchange to an unknown wallet. Interestingly, a major transaction involving XLM happened in the midst of the International Economic Forum taking place in Davos, Switzerland, at the moment.

Ripple Rival Stellar Unveils Impressive Results of Year

The current summit, dubbed by Elon Musk the meeting of the rulers of the world, is going extremely well for XLM and its parent organization, Stellar Development Foundation. SDF is heavily represented in many sections of the forum, from humanitarian topics to cross-border blockchain opportunities.

Bittrex, a U.S-oriented exchange with an office in Liechtenstein, from where more than a billion XLM were transferred, interestingly also has something to do with the international economic forum. Thus, several articles by Bittrex Global CEO Steven Stonberg are posted on the official WEF website.

4.1 Billion XRP Moved from Bittrex Within Hour, Here's What May Be Happening

Stellar and CBDC

Stellar and XLM could be considered competitors of Ripple and XRP, given the common roots of the two start-ups. Thus, Stellar, like Ripple, is active not only in cross-border money transfers but also in the so-called "state cryptocurrencies," CBDCs. The project's latest achievement in this area was the pilot testing of the digital hryvnia on its blockchain with Ukrainian Tascombank.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.