Ripple Bigwig Transfers Another 10 Million XRP to European ODL Corridor
New data shared by XRPL Monitor shows that the blockchain giant Ripple has circulated around a large amount of XRP in-house and sent 10 million XRP to the Bitstamp exchange platform, which is based in Luxembourg.
Bitstamp is Ripple’s European ODL corridor.
Ripple Casts Off 10 More Million XRP
Ten million XRP, which is about $2,877,682, was sent from Ripple’s RL18-VN wallet, a wallet created back in 2013 when the asset was still known as Open Coin. The exchange is registered by Bithomp, which deals with XRP analytics.
2013 was also the year when Jed McCaleb left the company, quitting his CTO position and focusing on his own ideas. This led to the building of Stellar Lumens, a company similar to Ripple when it comes to its cooperation with financial institutions.
The European ODL Corridor
Bitstamp is among the crypto exchanges that operate Ripple-based ODL corridors. ODL (on-demand liquidity) is a Ripple product that aids in conducting transnational payments in a quick and cheap manner using XRP, without pre-funding Nostro accounts.
The sender converts cash into XRP and sends it, and the receiver cashes out the XRP into the local currency. As per a tweet from XRPL Monitor, the other 10 million XRP were sent to that account.
Ripple’s other ODL corridors are placed in Mexico, Australia, and the Philippines. The firm plans to set up more of these ODL corridors by the end of this year.
Other XRP Transfers
Just a while ago, the former chief of the company Chris Larsen, who is still executive chair at Ripple, transferred 15 million XRP to Coinbase Pro. Also, another former Ripple personality, Jed McCaleb, again sent 6.1 million XRP to cash out.
In the meantime, the XRP liquidity index has been low on Ripple’s ODL corridors for a while, including on Bitstamp, which is the XRP/EUR portal. The Twitter account that manages XRP metrics says that, at the moment, the value of this index is only 6,298,303, whereas the recent ATH is 35,746,047.
— Liquidity Index Bot (@LiquidityB) August 24, 2020
Jed McCaleb is the CTO of Steller, which is an open-source, protocol for digital currency to fiat money. Prior to co-founding Steller, McCaleb was also the founder of Mt.Gox exchange as well as serving as the CTO to Ripple and is also known for creating Magic: The Gathering Online Exchange, and the peer-to-peer eDonkey and Overnet networks.
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.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
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.