BitGo custody service has participated in sending 175 million XRP to crypto exchanges
whale alert crypto tracker reported that in the past 20 hours, a significant amount of 175 million XRP has been wired through custody platform BitGo and several other crypto exchanges. The destination of some of these transfers was the ODL platforms of Ripple, Bitso and Bitstamp.
Since BitGo is a custody crypto platform for multiple institutional investors, it is likely that some of them will be selling part of their Ripple-affiliated tokens, as XRP has been up 11.78% in the past few days and rose over 36% around a week ago.
$142.6 million in XRP on the move
The aforementioned tracking service posted half a dozen tweets with transaction details for 175 million XRP tokens worth $142,624,409.
Crypto custody service BitGo, which stores XRP for many of Ripple’s institutional customers, has moved 20,000,000 XRP to the Bitstamp exchange—one of the ODL corridors of the San Francisco-based fintech giant. That comprises $16,564,213.
Last year, BitGo was acquired by crypto investment fund Galaxy Digital led by Mike Novogratz.
Bittrex exchange has moved 20 million XRP to Bitstamp and the same amount of XRP to Bitso; another ODL exchange working with Ripple, this one is located in Mexico and is the biggest crypto trader in the Latin America region.
As for the rest of the transfers, Bitso has shifted 15,100,000 XRP among its own wallets, South Korea-based Bithumb moved 66,999,920 XRP internally and Bitstamp sent 33,000,000 XRP to HitBTC—an amount worth $27,476,838.
