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Bot Tracks Huge XRP Transaction, is This Ripples Partners Doing?

The crypto community has been watching keenly to know what will happen next after a wallet made a transfer of 119,999,990 XRP to another unknown wallet. Whale alert, an automated transaction tracker bot that notifies the community of huge transactions, reported the transaction a while earlier. “119,999,900 #XRP (23,789,874 USD) transferred from unknown wallet to unknown wallet”, @whale_alert tweeted.

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Bitstamp allegedly identified as the owner of both wallets

Although owners of the sending and receiving wallets are still anonymous, Bithomp has allegedly identified Luxembourg based crypto exchange, Bitstamp as the owner of both wallets. Bitstamp activating both wallets does not automatically mean that the crypto exchange is the owner of the funds that were transferred. Another narrative is that the crypto outfit could have created the wallets on behalf of their customers who wanted to buy or sell the XRP that was transferred.

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Nonetheless, Bitstamp is a long-standing partner at Ripple after the exchange partnered with the San Francisco based XRP cross border payments product, On-Demand Liquidity (ODL). Bitstamp exchange has always been involved in several transactions related to the transfer of massive chunks of XRP. The transactions have steadily been run through Bitstamp’s exchange for some months now.

Bitstamp has been Ripples long standing partner

In January, Bitstamp was the receiving party in a massive XRP transaction that totaled 24,999,995 that came in from an unknown wallet. Furthermore, in March, the whale alert bot announced that the Singapore based exchange received another massive XRP that was identical in value to the one that occurred in January. Notably, around the end part of 2019, a Ripple owned wallet sent a whooping 220,303,137 to Bitstamp which was worth around $49.28 million at the time the transaction was made.

In a calculated move to enable Ripple and ODL to gain widespread adoption in the remittance corridor of the United kingdom, Bitstamp announced that it has recently decided to add the British pound Sterling as a trading pair on its exchange. The crypto exchange promised its client base that they will not be charged for making transactions if they are dealing with the GBP pairs.

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They noted that the zero-fee transaction would begin and run through September when the population must have gotten used to the latest initiative. “We are aiming to bring the free transactions on the GBP pairs trade to our customers so they will be able to get acclimated with the exchange”, an official statement said.

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Ifeanyi Egede

Ifeanyi Egede is a new writer on Tokenhell, his articles are cryptocurrency news and platform review based. We recommend following his latest posts as they are always very informative and super interesting.

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