In a notable development, Whale Alert, a prominent crypto tracking platform, has reported substantial XRP transactions from wallets associated with Ripple, the San Francisco-based fintech company, to two key exchanges, Bitso and Bitstamp. The October 4 and 5 transactions involved nearly 107 million XRP, valued at just over $56 million.
Bitso, a Mexican exchange and recognized crypto unicorn, received two separate transactions of 20,400,000 XRP and 30,400,000 XRP. Concurrently, Bitstamp, operating in the European Union, received 26,800,000 XRP and 29,300,000 XRP. Both exchanges are popular in the crypto space and have a collaborative relationship with Ripple, particularly in its system of XRP-based cross-border payments.
Moreover, the analytics platform Bithomp, which focuses on XRP, has provided data indicating a connection between the sending wallets and Ripple. This connection is noteworthy, considering the substantial amounts transferred and the collaborative history between the involved entities. Additionally, Bitso and Bitstamp have been integral partners with Ripple on its cross-border payment system, formerly known as On-Demand Liquidity (ODL).
However, Ripple has recently rebranded ODL to “Ripple Payments,” a move aimed at simplifying the name for those unfamiliar with cryptocurrency or Ripple’s operations. Ripple Payments, rooted in RippleNet, facilitates the transfer of funds globally, utilizing XRP without necessitating prepaid accounts, wherever an ODL bridge is available. Significantly, Bitso and Bitstamp serve as ODL platforms in Latin America and Europe.
Ripple Payments has enabled swift and efficient international fund transfers, especially in regions where these exchanges operate. Consequently, the recent large-scale XRP transactions to Bitso and Bitstamp might indicate an uptick in using Ripple Payments for cross-border transactions, considering the established relationship and collaborative efforts between the exchanges and Ripple.
Additionally, the wallets’ anonymity and linkage to Ripple suggest a strategic move, although the exact implications or intentions behind these substantial transactions remain undisclosed. Hence, while the transactions are clear, the motivations or strategies behind them remain mysterious.
