Days after the Chief Technical Officer at Ripple David Schwartz, proclaimed that the remittance company is working on a new feature that will expand the ledger’s functionality and permit introduction of other cryptocurrencies into the XRP ecosystem, we now have an announcement that about $5 billion worth of Bitcoin and over 320 thousand Chinese Yuan have been moved across the XRP Ledger.
This was revealed by the CEO of Dev Nulll Production, a firm that does XRP ledger intelligence by monitoring every activity happening on the ledger.
The CEO said 581,629.689 BTC, worth about $5 billion dollar at press time, was moved across the XRP Ledger. In another statement, the CEO mentioned that over 320,000 Chinese Yuan was also moved across the XRP Ledger.
This happened amid the lingering Corona Virus crisis that has resulted in many private companies and government institutions close down their activities in the country.
The latest development indicates one of the significant changes the XRP Ledger had undergone in recent time as stated by Schwartz. Schwartz earlier displayed astonishment towards the growth of the XRP ledger since its creation.
Ripple has also confirmed that it is trying to introduce a number of new developments on the XRP Ledger to improve its performance.
Recently, Ripple’s Asheesh Birla said the company and MoneyGram are building new infrastructure together to improve the remittance industry. Furthermore, MoneyGram aired that it is working to integrate RippleNet for account-to-account transfers in 2020.
“I’m also excited to announce that we are working to integrate RippleNet for account-to-account transfers in 2020. This new integration will further accelerate our progress in accomplishing our vision of real-time global settlements,” MoneyGram CEO Alex Holmes said.
The account-to-account transfers will let customers move money between different bank accounts in different countries.
Ripple Release 1 Billion XRP Into the Market
After the CEO of Ripple, Brad Garlinghouse, said the company is making profit from selling XRP, the latest mover should not surprise anybody, coupled with the fact that it is already a routine.
Yesterday, Sunday, March 1, Ripple unleashed One Billion XRP from its escrow account into the market in three consecutive transactions of 500 mln, 400 mln and 100 mln XRP, accumulating to about $230 million.
However, many keep ranting that there is no connection between the price of the cryptocurrency and the amount unleashed into the market.