It has been confirmed that Ripple, a Sans Francisco based blockchain startup, has moved an equivalence of $15,351,840 in XRP (60,000,000 XRP) hours after it announced the acquisition of Iceland based cryptocurrency exchange. The fund transfer lands on Ripple’s well-known OTC Wallet.
The purpose of the fund is yet to be clear at the moment, but it appears Ripple intends selling fund to an institutional investor.
🚨 60,000,000 #XRP (15,351,840 USD) transferred from Ripple to Ripple OTC Distribution wallet
— Whale Alert (@whale_alert) September 30, 2019
Few days back, as reported by Whales Alert, Ripple moved around $7.4 million in XRP (31,000,000 XRP) to its OTC distribution wallets.
31,000,000 #XRP (7,406,178 USD) transferred from Ripple to Ripple OTC Distribution wallet
— Whale Alert (@whale_alert) September 27, 2019
While some XRP enthusiasts keep condemning Ripple’s action, the remittance firm claims it does the selling to increase the adoption of XRP by investing in startups capable of increasing the usage of the digital token.
In the third quarter alone, Ripple sold over 100 million XRP. However, as earlier said, Ripple uses XRP in its possession to fund the ecosystem and increase the use of the digital assets across the globe.
Ripple Acquires Algrim
Ripple, as earlier reported by NewsLogical today, declared it is adding more hands into its engineering section, and moving into a distinct territory where its digital currency XRP is not well known. Ripple Inc. acquired Algrim, an Iceland resident cryptocurrency trading platform that was part of the Icelan Bitcoin Heist that happened towards the end of 2017. Following the acquisition, the price of XRP surged by close to 10 percent.
Algrim platform’s sound engineers, who are six in number, are going to be working for Ripple from now on. These cerebral engineers are going to be pushing for XRP adoption and work on the integration of XRP on other cryptocurrency exchanges.
Ripple’s vice president of Products, Amir Sarhangi said the new engineers are going to be working tirelessly in expending Ripple’s cross-border payment corridors while also adding to Ripple’s on-demand liquidity product.
The acquisition comes as Ripple’s first journey into Iceland cryptocurrency industry, adding to the territories where Ripple already has presence, namely Sydney, São Paulo, Singapore, Mumbai, London, New York, and San Francisco where the firm is headquartered.
The procurement will no doubt heighten Ripple’s xRapid services by offering more on-demand liquidity. Before Ripple acquired Algrim, the firm already have a crypto trading base integrated with around 30 markets. Also, Algrim’s team developed a foreign exchange and a traditional trading algorithms for over 10 years.
Another Investment in Logos Network
The acquisition news was preceded by an investment announcement by Xpring, a venture section of Ripple Inc., where it was claimed that the firm acquired Logos Network, adding around 9 engineers into Ripple. The engineers are going to be working on building XRP-centric decentralized finance (DeFi) products.
Previously, Logos Network, was designing a payments network that was motivated by bitcoin blockchain but centered on rapid network and scalability laced with topnotch security.