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XRP worth $90 million transferred between two unknown wallets; community abuzz

Akash Anand

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XRP worth $90 million transferred between two unknown wallets; community abuzz
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The cryptocurrency market has undergone rapid shifts in the price sentiments with several coins witnessing their value drop after a week. Although holders and investors are bracing for 2019, certain events in the crypto sphere have generated some buzz within the XRP community.

On December 27, the XRP community received news that almost 90 million XRP tokens were moved from one unknown wallet to another wallet whose destination still remains unknown. The movement was brought to notice by Whale Alert, a Twitter handle which stated:

“90,000,000 #XRP (33,493,911 USD) transferred from Unknown wallet to Unknown wallet
Tx: https://bithomp.com/explorer/432596B0BBA3ED425BC039EACF4ACF8F472A7CA066DE0BBD7365742746BBDABE

Post the announcement, John, another Twitter user stated:

“Someone bought an island with $xrp lol”

This is not the first time that massive amounts of XRP have been transferred, recent reports stating that $11 million worth of XRP was also transferred in a shady ordeal. These two cryptocurrency movements were important because of the lack of clarity on the sender address and the receiver address. December also saw multiple other transfers in the crypto space, which was evidenced by 51 million XRP being transferred to a Bitstamp address.

Coinbase, the largest cryptocurrency exchange on the planet in terms of users, was also in the news recently when the Brian Armstrong led company moved about $5 billion worth of cryptocurrencies on the platform. Coinbase had said:

“Last week we successfully completed an on-blockchain migration of approximately $5 Billion (as valued the week ending Dec. 7, 2018) of cryptocurrency from Generation Three to Generation Four of our cold storage infrastructure. To our knowledge, this is the largest movement of cryptocurrency (certainly in USD terms, potentially in absolute terms) ever undertaken.”

The company had said that the main focus was on cold storage or storing assets offline. In their words:

“Last week we successfully completed an on-blockchain migration of approximately $5 Billion (as valued the week ending Dec. 7, 2018) of cryptocurrency from Generation Three to Generation Four of our cold storage infrastructure. To our knowledge, this is the largest movement of cryptocurrency (certainly in USD terms, potentially in absolute terms) ever undertaken.”





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

Ripple

SendFriend goes live in New Jersey; prepared to take on a $11 billion remittance corridor with Ripple

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SendFriend, a next-generation remittance service that focuses on cross-border payments between the U.S. and the Philippines, today announced that it had gone live in the state of New Jersey, via a Twitter announcement.

Ripple and SendFriend’s partnership was announced in late 2018, with the CEO of the latter, David Lighton, expressing his excitement at a Barclays Event in 2019. At the same event, Lighton also confirmed that SendFriend would be using Ripple’s xRapid payment solution that leverages XRP as a liquidity provider.

There is approximately $11.09 billion transferred between the U.S. and the Philippines in remittances every year. These largely use traditional payment methods that are slow and less efficient, when compared to newly developed blockchain-based solutions. The chart below shows the flow of remittances into the Philippines, with the U.S. accounting for the highest volume.

By using Ripple’s xRapid payment solution, money can easily be transferred in a few seconds. Not only does this save millions in fees by taking away middlemen, but it is also less time consuming.

Although xRapid has slashed fees and time for cross-border payments drastically, it has not gained traction due to a lack of regulatory clarity around cryptocurrencies. On February 11, 2019, SendFriend had announced the provision of an option for Overseas Filipino Workers [OFW] to send money “securely and reliably” across borders, with fees that are “65% lower than the industry average” in one “seamless flow.”

David Lighton had said,

“We are humbled by the support of our investors, who share in our vision to reduce the costs and improve the experience for the millions of Overseas Filipino Workers (OFWs) who send money home to support their families… This investment will allow us to build out our team, focus on community engagement, and marketing efforts.”

A Twitter user @mister_pace, commented,

“Based on these rates. You save about $13 to send 1000 using SendFriend over The next lowest MoneyGram”





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