Crypto Whale Moves 20 Million XRP To Coinbase – It Might Be Ripple’s Former CEO

Coinbase was in the spotlight not too long ago when it’s been reported that they might acquire Omni, which is a platform that uses XRP.

This firm allows neighbors to find and rent items from each other by searching for specific keywords or categories.

This service delivers items locally, and it also allows users to earn money when their items are rented.

This deal would give Coinbase the opportunity to use members of Omni’s engineering team.

20 million XRP has been transferred to Coinbase

Whale watchers are currently trying to speculate on the identity of the crypto trader who just transferred more 20 million XRP to Coinbase.

These funds reportedly come from an XRP wallet that’s called “Funding Wallet 1” that was activated by Ripple co-founder and former CEO Chris Larsen, according to the XRP explorer Bithomp.

Commenters are debating the tweet.

Some traders said on Twitter that this huge transfer might be Ripple itself, who is selling some of the XRP holdings to the exchange.

A user said: “HMM…lets see.  Funding going to Coinbase.  A platform to buy and sell crypto.  The problem with this is when people are not selling enough crypto and only buying.  It sounds like a good problem to have.”

Another follower posted this: “XRapid preferred partners are exchanges Ripple has chosen to use for ingoing and outgoing transactions using fiat. So it wouldn’t be through Coinbase, it would finding Coinbase if this was the scenario.”

Someone else assumed the following: “Larsen set up a bunch of 500M XRP wallets, and someone is draining them through the “funding” wallet. The last one was drained in May. This one is about 50% depleted (265M balance) over 5 months.  This isn’t escrow funds.  🤔  just more dumping!”

In other news, Ripple has recently offered a glimpse at the future of the digital asset XRP.

The San Francisco-based company has been making huge efforts to boost the whole XRP ecosystem.


People Mentioned

Chris Larsen
Chris Larsen

Larsen co-founded Ripple in 2012 and now fulfils the role of Executive Chairman. A long-standing advocate for financial privacy and education, Larsen and the Ripple Foundation gifted $25 million to San Francisco State University in April 2019.

Companies Mentioned

Coinbase
Coinbase

Coinbase is a digital currency exchange headquartered in San Francisco, California.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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