Crypto unicorn that collaborates with Ripple and another major exchange have together moved 53.5 million XRP tokens
According to recent Whale Alert Tweetstwo major crypto exchanges, one of which functions as Ripple’s ODL platform, shoveled nearly 54 million XRP.
53.5 million XRP on the move
The aforementioned popular crypto tracker has reported that over the past 14 hours, two heavy XRP transfers have been made, carrying 30,000,000 and 23,500,000 XRP. These two XRP lumps together are worth $43,162,490.
The first block was transferred from a Bittrex address to Bitso, Latin America’s largest crypto exchange based in Mexico. The latter became a crypto unicorn after raising $250 million in an investment round in early May 2021.
Bitso is Ripple’s major ODL spot
The total evaluation of the company back then was $2.2 billion. Initially, Ripple made an undisclosed investment into Bitso in the fall of 2019, making it its ODL partner.
In 2019, when the aforementioned Ripple investment was made, Bitso revealed that trading with the XRP/MXN pair accounted for 80% of its trading volume.
In 2020, it was reported that Bitso planned to use Ripple’s ODL technology to process 20% of all remittances sent to Mexico. At that time, remittances made from the U.S. to Mexico comprised a staggering $35 billion annually.
XRP is down more than 5% as the crypto bloodbath continues
Following the stock market crash, the cryptocurrency market was hit by a ricochet. The main digital currencies – Bitcoin and Ethereum – lost almost 4% and 5% respectively.
The other top 10 assets are also down at the moment, including ADA and XRP. The Ripple-affiliated token is down more than 5%, changing hands at $0.7756 at press time.
