According to a recent tweet posted by blockchain sleuth Whale Alert, which tracks large cryptocurrency transfers, an anonymous transaction was detected just under 20 hours ago.
According to a recent tweet posted by blockchain sleuth Whale Alert, which tracks large cryptocurrency transfers, an anonymous transaction was detected just under 20 hours ago.
This mysterious transfer pushed tens of millions of XRP to the centralized crypto trading platform Bitstamp.
Meanwhile, the price of XRP has made a attempt to recover after the crash he faced earlier this week.
Mysterious whale sends almost 30 million XRP to Bitstamp
A total of 27,950,000 XRP have been moved to Bitstamp, according to data shared by the aforementioned cryptocurrency tracker. This is the equivalent of $14,741,183 in fiat money.
In the comment thread, the crypto community assumed that this anonymous whale intended to sell his millions of XRP. Some users, however, pointed out that the source of this transaction was the fintech giant Ripple Labs. In fact, data provided by the XRP-focused platform Bithomp shows that the wallet, which sends the XRP to Bitstamp, is linked to Ripple.
This transaction could be related to “Ripple Payments” operations. This service runs on RippleNet and leverages XRP for fast, low-cost transactions around the world. Before last fall, this service was called On-Demand Liquidity (ODL), but it was renamed to attract new customers.
Bistamp is one of the long-standing partners that Ripple has been collaborating with regarding its payments service.
Ripple announces historic acquisition
On February 13, Ripple announced its decision to acquire cryptocurrency asset platform Standard Custody & Trust Company. This step further emphasizes Ripple’s determination to embrace regulatory compliance. It will allow the fintech giant to strengthen its current products and explore new ones.
Ripple already owns almost 40 money transfer licenses in the US, one BitLicense from New York. Additionally, Ripple holds a license from the Singapore monetary regulator, issued by the Bank of Ireland. The new acquisition will add more of them to the company’s growing portfolio. This comes as financial institutions around the world are increasing the adoption of cryptocurrency assets from regulated platforms.
Now Ripple and Standard Custody will allow institutions and companies to tokenize, store, transfer and exchange value, according to Ripple’s recent press release. Ripple President Monica Long commented that the company’s acquisitions will further strengthen its crypto infrastructure solutions.
