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Ripple Giant Moves 200 Million XRP from Escrow Wallet

News
Wed, 01/20/2021 - 11:02
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Yuri Molchan
Whale Alert spreads the word that Ripple decacorn has transferred an eye-popping 200 million XRP from its Escrow Wallet, while BitGo also wired 35 million XRP
Ripple Giant Moves 200 Million XRP from Escrow Wallet
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Whale Alert crypto tracking service, which operates on Twitter, has reported that Ripple fintech behemoth has moved a mammoth amount of XRP200 millionand BitGo shifted 35 million XRP.

Meanwhile, as numerous crypto exchanges have been delisting XRP, PornHub keeps using this coin for payments and has even added another major digital currency.

Ripple and BitGo move 71.7 million USD

Data shared by Whale Alert details two major transactions bearing 200 million and 35 million XRP. Ripple wired the greater portion of its native digital currency from Ripple Escrow Wallet to a Ripple wallet. A total of 35 million XRP was sent from the custodial platform BitGo to a Thailand-based Bitkub exchange.

XRP
Image via Twitter

Ripple usually releases funds in the amount of one billion XRP on the first day of each month and, later on the same day, locks around 800 million back into it.

The funds sold by Ripple are typically used to cover operational expenses, charity or investments into other projects. Another major expense involves sending XRP to the company's cofounder, Jed McCaleb; a whopping 477 million XRP were sent to his wallet on Jan. 1 of this year.

However, now Ripple also has 21 lawyers to pay to defend the company and its two CEOs, Brad Garlinghouse and former chief Chris Larsen, in court against the SEC.

Related
Head of RippleNet Says Fintech Could Compete with Banks in 2021

PornHub holds on to XRP payments

Despite many large crypto exchanges conducting the XRP delisting campaign (such as Coinbase, Bittrex, Binance US and Bitstamp), and companies beginning to drop XRP, the adult video giant PornHub still uses the fifth largest cryptocurrency and accepts XRP payments for premium subscriptions.

The head of Binance, CZ, has tweeted that PornHub has also added Binance Coin (BNB) to its list of payment options.

XRP
Image via Twitter

Last year, Visa and Mastercard cut off support for payments to PornHub following an investigation regarding videos with underage actors offered to its customers.

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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.