XRP to Be Used in Demo Experiment by FXcoin and Sumitomo Corporation

FXcoin has spread the word that it intends to begin a demonstration experiment in which the third largest cryptocurrency XRP will be leveraged.

XRP will be used for settling claims and debts between companies that are part of the Sumitomo Corporation.

FXcoin and Sumitomo to run an experiment with XRP

According to the source, in which the data was shared by a respectable XRP community member “Bank XRP”, FXcoin and Sumitomo Corporation will leverage XRP to settle claims and debts between the companies of the corporation.

Among them will be Sumitomo Corporation Global Metals. Apart from that, Japanese financial giant SBI Group (a major Ripple’s partner in Japan) will also take part in the trial settlements.

The demo experiment with XRP intends to find a mechanism that can prevent risks of price fluctuations of digital currencies during payments.

FXcoin is a digital exchange that supplies market data to crypto investors.

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XRPL Monitor tracking service published some tweets earlier today, showing that a former Ripple CTO, Jed McCaleb, who also co-founded the company, cashed out almost 20 million XRP.

The funds were sent in two transactions, each carrying slightly over 9 million XRP from his “tacostand” crypto wallet.

Meanwhile, two other substantial amounts of XRP were wired – 50 million and 92 million XRP. Bybit transferred 50 mln XRP to Binance. As for the 92 million XRP, that sum was transacted by major South Korean exchange Bithumb between its wallets.