Ripple Moves 25 Mln XRP, While Jed McCaleb Wires 10 Mln XRP to Convert into Fiat

Latest Cryptocurrency News
Wed, 08/12/2020 - 08:14
Yuri Molchan
25 mln XRP has been moved by Ripple, while its co-founder and former CTO keeps cashing out bits of his XRP riches from his "tacostand" wallet
Ripple Moves 25 Mln XRP, While Jed McCaleb Wires 10 Mln XRP to Convert into Fiat
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According to the XRPL Monitor bot, blockchain behemoth Ripple has transferred 25 mln XRP. It has also shared that Ripple's co-founder, Jed McCalebwho is no longer part of the Ripple teamkeeps moving bits of the XRP he received from Ripple to convert them into fiat.

Two transactions, 5.1 mln XRP each, have been detected from his "tacostand" digital wallet.

Ripple transfers 25 mln XRP

At the same time, XRPL Monitor has spotted two substantial XRP stashes moved by the blockchain decacorn Ripple from its wallets: in the amounts of 10 mln and 15 mln.

The overall amount Ripple has sent totals $6,971,591. Part of this total10 mln XRPwas sent to a wallet belonging to major crypto custodial service BitGo, which works with financial institutions.

The blockchain decacorn has over 300 customers among major banks and other financial firms, which receive from Ripple specified amounts of XRP as part of their agreements.

In an interview last year, CEO Brad Garlinghouse assured the community that Ripple's customers face restrictions on cashing out the XRP they receive.

The second transaction, which carried 15 mln XRP, was made from a Ripple wallet to an anonymous address that was also activated by Ripple.

XRP
Image via Twitter

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Jed McCaleb dumps another 10 mln XRP

McCaleb is a Ripple co-founder and former CTO who left the company in 2013 to trial his own ideaswhich had been rejected by the Ripple boardand finally ended up founding Stellar Lumens. Stellar Lumens owns XLM token and chases goals very similar to Ripple: especially, improving the payments system for banks and financial institutions.

As part of the settlement agreement, Ripple regularly sends portions of XRP to McCaleb, and he cashes it out from time to time by sending funds from his "tacostand" wallet, rEhKZcz5Ndjm9BzZmmKrtvhXPnSWByssDv, to the address rLkMJhSVwhmummLjJPVrwQRZZYiYQhVQ1A.

On Aug. 11, McCaleb wired 5 mln XRP from "tacostand"; today, another stash of 5 mln XRP followed it.

XRP
Image via Bithomp

Overall, according to current Ripple CTO David Schwartz, McCaleb's compensation will bring him over $1 bln when the settlement agreement expires.

About the author

Yuri is a 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. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.