logo

Ripple and BitGo move XRP worth $71.7 million

Ripple Lab

TL;DR Breakdown

  • Ripple moves 200 million XRPs from its escrow wallet.
  • PornHub still uses XRP as a payment option on its site.

Whale Alert have reported that the parent company of XRP, Ripple, has moved 200 million XRPs from its escrow wallet to another of its wallets earlier today. The firm was not alone in this mammoth transfer as BitGo was also used for wiring 35 million XRPs to a Thailand-based Bitkub exchange.

According to the data shared by the Whale Alert, both transactions equate to over $70 million. Usually, Ripple releases a billion XRP tokens at the beginning of every month, then proceeds to lock close to 800 million of the tokens back into it. 

These funds are mostly used to cater to the firm operating cost and other expenses like charity and investments in other projects. Another significant expense is XRP being sent to Jed McCaleb, the co-founder of the company. A recent example of this is when 477 million XRPs were transferred to him on the first day of this year.

Cryptopolitan reported that Ripple has also stepped up its defense against the Securities and Exchange Commission. The firm is looking to base its defense on how news stories about the company do not affect the token’s price.

PornHub sticks to Ripple’s XRP

Adult video giant PornHub has stuck to using XRP as a payment method for its premium subscriptions. This is despite the increasing numbers of crypto exchanges that have delisted the token citing the impending lawsuit against it by the SEC.

The adult video platform has also gone ahead to add another payment method for its services. Changpeng Zhao, popularly known as CZ, of Binance, tweeted that the site has added Binance Coin to its payment option.

PornHub has resorted to using crypto assets as payment methods after Visa and MasterCard decided to stop supporting payments to the site. The financial giants made this decision after an investigation regarding underage actors’ use by the adult video site.

Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

Related News

Hot Stories

Cardano price analysis: ADA rides bullish wave as buyers target $0.58 next
Dogecoin price analysis: DOGE swiftly reacts at $0.075 again, another move lower next?
Bitcoin price analysis: BTC ready for big short as bulls knock on $25k
CFTC charges Ohio Man for running a $12M BTC Ponzi scheme
Vauld fights back after ED freezes its $46M assets

Follow Us

Industry News

Vauld fights back after ED freezes its $46M assets
UnionBank launches in-app crypto exchange
Huobi`s crypto mogul seeks to sell his stake for $3B
Are gaming NFTs dead?
MakerDAO is “seriously” considering moving away from USD