Ripple co-founder moved nearly 500 million XRP to NYDIG

One of Ripple’s executives Chris Larsen has been spotted moving a significant amount of Ripple cryptocurrency (XRP) to an unknown wallet. The transaction was reported by Whale Alert, which raised concerns amongst other XRP holders on whether Larsen was planning a heavy dump. However, Larsen later cleared the air, saying he moved the funds to NYDIG.

Ex-Ripple CEO transfers millions of USD in XRP 

The angel investor, Chris Larsen, is popularly known for co-founding several Silicon Valley technology startups. He also co-founded Ripple and was the chief executive officer (CEO). On Tuesday, a cryptocurrency transaction tracking bot Whale Alert reported that Larsen transferred a huge amount of Ripple coins (499,999,979 XRP) to an unknown wallet.

During the transaction time, the cryptocurrencies moved were worth $115,847,491. Many concerned XRP holders speculated that Larsen might be dumping the coins. Later after the transaction, however, Larsen addressed the whole thing, saying that the cryptocurrencies were sent to New York Digital Investment Group or NYDIG.

NYDIG custody

It appears that Larsen moved his XRP wallet to NYDIG for security reasons, as his tweet precisely reads:

As some of you may have noticed, I moved an $XRP wallet to NYDIG. I’ve known the founders for a while, and am impressed by their security and top-notch institutional standards — this is truly custody 2.0.

Established in New York, NYDIG is an investment company that provides management, execution, and custody services for digital assets. The company allows trading and custody (both direct and third-party custodian services) for digital currencies such as Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), and Litecoin (LTC). 

Two years ago, New York Digital Investment Group was awarded ‘BitLicense,’ a business license that is usually issued to virtual asset services providers in the state by the New York State Department of Financial Services (NYSDFS). NYDIG has reportedly grown its services to the extent it is named as one of the largest institutional investors in Bitcoin.