Ripple’ co-founder removes 75m XRP from his wallet

  • Chris Larsen, one of the co-founders of Ripple, recently moved 75 million XRP from one wallet to another.
  • Soon after that, Ripple itself moved a large amount of 11 million XRP to one of its own wallets.
  • The company also got Brazil’s largest bank, Banco Redimento, to start using its RippleNet Cloud.

XRPL Monitor, which tracks the movement of XRP coins, has shown a curious transaction earlier today. The transaction in question was made by one of Ripple’s co-founders — Chris Larsen — who made a major XRP transfer from one of his wallets.

Ripple and its officials are making large XRP transfers

The transaction included as much as 75 million XRP coins, which he apparently sent to his other wallet.

The data also indicates that Ripple itself made a major transfer for a substantial amount of XRP coins. The company transferred 11 million coins, adding to an already massive transaction made by Larsen.

Ripple’s transaction was conducted to the company’s own wallet. However, this fact is obscured by a number of nicknames, as revealed in a report by Bithomp.

Of course, this is not the first time that such massive transfers have taken place. The company does move huge amounts of funds from time to time, and it rarely announces the move, or explains its reasons to its followers.

This has led many to assume that the point of the move could be an attempt to keep XRP’s price low by dumping the tokens into the open market.

Ripple strengthens ties to Brazil

Ripple also made headlines recently due to Brazillian bank known as Banco Rendimento. The bank became the first user of RippleNet Cloud, according to Ripple’s recent announcement.

Not only that, but the company might be looking to establish itself better in Brazil, as we reported recently.

Of course, RippleNet Cloud has other clients as well, such as Azimo, as well as MoneyGram. It is also worth noting that more than 80% of firms that started using RippleNet, also started using Ripple Cloud.

Approximately 30% of RippleNet payments are now sent via the new product. While this is very beneficial for Ripple itself, it is also quite favourable for the companies that use Ripple’s technology. For example, the use of RippleNet Cloud is expected to increase Banco Rendimento’s volume of customers’ payments by Q1 2021.