Jed McCaleb Receives $277.7 Million Worth of XRP

Deepshikha  |  Mar 2, 2021

Jed McCaleb, the chief technology officer of Steller, received another XRP lump from fintech giant Ripple Labs, according to cryptocurrency tracking bot Whale Alert. Meanwhile, Binance sent over 41 million XRP tokens to Chris Larsen, the former CEO of Ripple.

As per the data, Ripple has transferred 627,974,493 XRP to Jed McCaleb, known as the man without whom the company would never have been founded. 

Jed McCaleb Agreement with Ripple

Jed McCaleb left Ripple in 2013 and founded rival company Stellar that targets cross-border payments via financial institutions. According to the XRP scan platform, McCaleb has released 13,169,006 XRP from his “taco stand" address to sell resulting in the current balance of his wallet with 645,305,649.04558 XRP.

McCaleb is receiving payments as a part of the settlement agreement signed with Ripple. To restrain McCaleb from dumping several billion XRP in the market, he is being forced by the terms of the agreement to sell in small parts and, thus, getting XRP in lumps. Over the week, McCaleb has sold nearly 135.8 million XRP.

191 Million XRP Being Sent by Binance and Bitstamp

Data from the Whale Alert also depicts XRP sent by the greatest trading volume crypto-exchange Binance. Recently, Binance has sent 41 million XRP to the former CEO of Ripple and the second co-founder, Chris Larsen. 

Moreover, global crypto exchange Bitstamp and Ripple’s Europe-based ODL platform has transferred 150 million XRP between their wallets. However, in the past, Ripple sold large amounts of XRP to Binance and other exchanges to support XRP liquidity. 

Ripple Locks 500 Million XRP Back

Generally, Ripple unlocks 1 billion XRP coins on the first day of each month to sell to its partners and exchanges. However, this time the company put back half of the released amount i.e; 500 million XRP coins. XRP has been pushed to 7th position after Binance Coin and Cardano rallied higher, as per CoinMarketCap.

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