In a startling revelation, crypto tracking platform Whale Alert has unearthed a colossal transfer of XRP from anonymous wallets to two major exchanges. This significant development unfolded over two days, with approximately 30 million coins each reaching Bitso, a prominent Mexican exchange, and Bitstamp, a European crypto unicorn.
The staggering total of nearly 107 million XRP, translating to a hefty $56 million in fiat, has left the crypto community buzzing. What sets this transaction apart is its association with XRP Payments, a juggernaut in the blockchain realm. The sending wallets have been traced to the fintech giant headquartered in San Francisco, led by CEO Brad Garlinghouse.
Ripple’s Payment Evolution
Bitso and Bitstamp, integral cogs in Ripple’s cross-border payments machinery, were once the backbone of the On-Demand Liquidity (ODL) system. As part of XRP rebranding strategy, ODL has been streamlined into the more intuitive “Ripple Payments.” This user-friendly nomenclature aims to demystify the platform for newcomers to the Rippleverse and the broader crypto sphere.
The ODL framework, rooted in RippleNet, empowers seamless fund transfers across the globe, negating the need for pre-funded accounts. Bitso handles the Latin American leg of this operation, while Bitstamp replicates its functionality in the European domain.
Notably, Ripple’s strategic partner, Tranglo, operating in Malaysia, witnessed an astonishing surge of 1,700% in ODL usage last year. This surge culminated in a $970 million transaction volume, starkly contrasting the $59 million recorded in 2021.
The crypto world remains on tenterhooks as the implications of this colossal XRP transfer across the industry. The sheer magnitude of the move, coupled with its association with XRP Payments, is bound to have a far-reaching impact on the crypto landscape. As the ripples of this development continue to propagate, the community eagerly anticipates further insights into the motivations and consequences of this monumental transfer.
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