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Analytics account XRPwallets, which tracks XRP transactions and then shares the details on the X social media platform, has spotted a significant decline in the XRP stash held by the largest U.S.-based crypto exchange Coinbase.
The stash has shrunk by more than half a billion coins. XRPwallets revealed a top player whose participation may explain this drastic XRP holdings' decline.
Coinbase slashes its XRP stash
The aforementioned data source published the list of top crypto exchanges and their XRP holdings earlier today. This list contained such platforms as Binance, Upbit, Crypto.com and Coinbase. This was an adjusted list compared to the one published July 8.
Almost two months ago, Coinbase held a total of 780.13 million XRP and it was on the fifth place, following Upbit (6.03 billion XRP), Binance (2.735 billion XRP), Uphold (1.907 billion XRP) and Bithumb (1.635 million XRP).
On the list published today, Coinbase has dropped to the 10th spot, now holding only 199.473 million XRP. XRPwallets revealed the trigger that caused this decline to happen, and it is the world’s largest asset management company, BlackRock.
Likely major reason — BlackRock
XRPwallets shared a link to an article published by Coinbase around a month ago, which announces the beginning of a partnership between Coinbase and BlackRock.
The two giants partnered, and Coinbase began to provide institutional clients from BlackRock’s platform Aladdin with direct access to crypto. Back in early August, it started with only Bitcoin and then likely expanded to other cryptos, including Ripple-affiliated XRP.
This could indicate institutions’ choice of XRP to integrate this coin into mainstream finance via BlackRock’s Aladdin.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team