Tuesday, May 11, 2021

Ripple Co-Founder Jed McCaleb Sold 54M XRP worth $11.7M in April

In the course of analyzing known wallets for Jed McCaleb, the Ripple Co-founder, it was revealed that he sold at least 54 million XRP worth $11.7 million in April 2020.

Going by the data made available via XRP ledger explorer bithomp from the Ripple’s co-founder known addresses, he’s seemingly liquidating his supply of tokens on a regular basis.

A closer look at the data revealed that the wallet address used by McCaleb to sell XRP received relatively 1.8 million XRP on a daily basis in April, which is equivalent to 54,215,405 XRP worth $11.7 million at press time.

Jed McCaleb’s Personality in the Cryptocurrency Ecosystem

In the cryptocurrency ecosystem, McCaleb is a very important personality. He co-founded Stellar (XLM) and founded Mt. Gox exchange. He as well co-founded OpenCoin back in 2012, which was later became Ripple. As soon as the 100 billion supply was pre-mined, he was allocated 9.5 billion XRP.

The large portion of the allocated supply became a controversy after his decision to sell his XRP holdings was made public. This announcement reportedly initiated a 40% fall in the price of XRP within 24 hours. After this scenario, he made a 7-year deal with Ripple, which limited his monthly XRP sales.

According to reports, McCaleb still possesses billions of XRP in his wallets. While speaking with Cointelegraph, he said he has been selling his XRP at a slow rate and has no desire to negatively impact other companies in the industry.

David Schwartz Clarifies Ripple’s Interest Codius Project

Ripple CTO, David Schwartz recently hinted at the interest of the payment firm in the Codius project, after a number of inquiries from the XRP community members.

This clarification was made by Schwartz via his Twitter handle. After holding a video conversation related to Codius node, a crypto enthusiast identified as IamLegion shared the conversation, which attracted some XRP community members, who needed clarification regarding the interest of Ripple in Codius project.

On the video conversation shared on Twitter, a supposed XRP community member tagged Schwartz and wrote, “Hi David is this info on Codius still valid? Anything new with that project or was it really abandoned?”

In response, he said:

“Unfortunately, at least for now it’s a victim of the fact that Ripple can’t do everything we might want to do. If I wasn’t working at Ripple, I’d build a business around Codius.”

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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