Ripple Tried To Give Away Its 55 Billion XRP
Ripple has been making headlines a lot in 2020 despite the global crisis in the middle of which we are due to the pandemic.
The company has been working really hard to boost the XRP ecosystem, but also to push the mainstream adoption of the digital asset XRP.
Via its products, especially the XRP-powered ODL, Ripple plans to overcome the flaws of the traditional payments system used by decades by banks and financial institutions, SWIFT.
Regarding the price of the coin, at the moment of writing this article, XRP is trading in the green and the coin is priced at $0.201898. It’s up by more than 2% in the past 24 hours.
Ripple’s XRP holdings
Ripple chief technology officer David Schwartz recently talked about the company’s management of its massive XRP holdings.
Amidst a Twitter debate, Schwartz said that the company tried to give away its 55 billion XRP, but found it too difficult to do once the coin became readily available on the open market.
We tried. As soon as you could sell XRP easily, giving away became really, really hard.
— David Schwartz (@JoelKatz) July 17, 2020
Schwartz talked about Ripple crypto holdings in a discussion on how the San Francisco startup’s stewardship of XRP stacks up to the Stellar Development Foundation’s (SDF) management of the digital asset Stellar Lumens (XLM), as first reported by the online publication the Daily Hodl.
Just to refresh your memory, Ripple co-founder Jed McCaleb launched Stellar in 2014.
— Tiffany Hayden🧢 (@haydentiff) July 16, 2020
It’s also important to note the fact that both of the coins have been created to boost the speed and lower costs of cross-border transactions, last year SDF burned 55 billion XLM tokens in its possession.
Check out more details in the Daily Hodl’s original article.
In other news, it’s been revealed that Ripple has been exploring DeFi.
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.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
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.