In the event of the little consolidation that is happening in the crypto market at present, whale fund movements have been noticed on several occasions on blockchain network, especially amongst the most prominent coins in the market.
Bitcoin and XRP seem to be taking the lead in the size of crypto funds moved in recent times. It was recently captured that two of the world’s largest Bitcoin holders moved $1,100,000,000 in BTC. The XRP ledger also witnessed a transfer of 246.85 million XRP worth $134.5 million into two wallets yesterday, December 13.
The huge fund transfer looks not ending as another mammoth transfer was recorded from a subsidiary of Ripple’s Japanese partner SBI, SBI VC Trade, which recently launched a crypto exchange that allows XRP holders to lend their tokens to the exchange.
Whale Alert, as usual, captured the whale transfer made by the crypto-focused SBI Group member. According to Whale Alert, 200 million XRP tokens were transferred in the last few hours to an unknown wallet.
Blockchain data confirmed that the transaction was done by an account attached with the name sbivc.co.jp. Hence, it is most likely owned by the Japanese giant SBI. Blockchain also confirmed that the XRP fund was moved to an unknown account.
While the reason for the fund transfer is yet to be confirmed, it has been suggested that it is probabaly an attempt by the crypto-oriented company to facilitate its recently launched service.
The exchange, just launched by SBI VC, was designed to offer crypto lending to users. It allows users to borrow funds in Bitcoin alone when initially launched. However, the addition of XRP and Ethereum also went live swiftly afterward.
According to a release announcing the update, users can lend between 0.1 BTC and 5 BTC without needing to pay for account management charges. However, charges would be attached for those making fiat withdrawal.
The launch of the crypto lending service by SBI VC Trade was seen as another attempt by Ripple and SBI to further cement their relationship. While crypto adoption continues to spread massively across the globe, more crypto-related development is expected from the two companies.
