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An on-chain analytics account focused on XRP, @XRPwallets, has reported that the XRP bags of the largest cryptocurrency exchange in the U.S., Coinbase, continue to decline, with fewer than 10 cold wallets with XRP remaining.
The main reason for this could be Coinbase’s collaboration with the world’s largest fund manager, BlackRock.
Just 132 million XRP left at Coinbase
According to @XRPwallets and the on-chain data analyzed by them, Coinbase now has only eight cold wallets remaining, with 16.5 million XRP in each of them. This means 132 million XRP are left in the platform’s cold storage.
Around a week ago, the same source tweeted that Coinbase had approximately 200 million XRP left as the overall XRP supply held in cold wallets had collapsed from 750 million previously.
Is all XRP going to BlackRock's clients?
The aforementioned data source mentioned a week ago that this massive decline in Coinbase’s XRP stash might be connected with the recent partnership inked between the crypto exchange and the world’s largest asset manager, BlackRock, which, over the past few years, has embraced cryptocurrency and, in particular, launched spot Bitcoin and Ethereum exchange-traded funds (ETFs).
As part of this collaboration, Coinbase is providing institutional clients of BlackRock’s firm Aladdin with direct access to crypto. In August, Aladdin began offering financial institutions only Bitcoin. However, by now, it has likely expanded the range of its crypto products to other coins, including XRP.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team