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Ripple and Binance Shift 674.5 Mln XRP While Major RippleNet Client Halves Its Remittance Fees

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Thu, 10/29/2020 - 11:21
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Yuri Molchan
Ripple DLT behemoth and Binance giant have shifted a whopping 674.5 mln XRP, while a major RippleNet client has halved remittance fees to send funds from Australia
Ripple and Binance Shift 674.5 Mln XRP While Major RippleNet Client Halves Its Remittance Fees
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The XRP tracking bot on Twitter has spotted several XRP transactions that could make your jaw drop, conducted by Binance and Ripple and bearing a total of 674.5 mln XRPthat is equal to $163,899,215.

Meanwhile, Azimo fintech company, which joined RippleNet in April of this year, has announced it is halving remittance fees to send cash from Australia and that it integrates with Alipay.

Ripple wires 40 mln XRP while Binance wires 634.5 mln

According to XRPL Monitor, over the past 20 hours, fintech decacorn Ripple and crypto trading giant Binance have wired a substantial amount of XRP, whereas the sums Binance shifted were astounding.

The San Francisco blockchain decacorn, which is toying with the idea of moving its headquarters to Japan over a lack of a constructive regulatory framework in the US, has transferred 40 mln XRP, or $9,719,459.

Ten million XRP was shifted to Ripple's ODL corridor in Luxembourg, Bitstamp.

Binanceone of the exchanges Ripple often sends large amounts of XRP to to keep the liquidity level uphas made two transactions carrying 267 mln XRP each.

The third transaction carried 50 mln XRP, making it a total of 634.5 mln in the fourth largest cryptocurrency.

XRP
Image via Twitter

Related
SBI Holdings CEO Confirms Ripple’s Plan to Move to Japan

Ripple customer Azimo integrates with Alipay, halves remittance fees for Chinese expats

According to a press release shared with U.Today, Ripple customer Azimo intends to make things easier for those who wish to make remittances from Australia using its platform.

Azimo has been working through RippleNet since April 2020 and has operated as a fintech firm in the European remittance market since 2012.

In July, Azimo registered with AUSTRAC to work as a funds transferring firm. They are now offering fund transferring services to Australians, enabling them to send cash to more than 200 countries, including Thailand, China, Vietnam and the Philippines.

They will be offering fees twice as low as Australians currently have to pay for remittances using banks and traditional payment operators7.5 percent.

According to the Azimo CEO, Richard Ambrose, approximately 30 percent of Australians live abroad and regularly send money back home.

Azimo also intends to start working with Chinese expats living in Australia and, after Azimo's integration with the Alipay giant, they will be able to seamlessly send money to China just using their Alipay ID.

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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.