Tuesday, June 22, 2021

Ripple transfers more than $400M in XRP to co-founder Jed McCaleb.

The Takeaway:

Ripple Labs has transferred over 408 million XRP tokens to its co-founder and ex-CTO Jed McCaleb as part of a formal agreement that was established years ago.

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Ripple gave Jed McCaleb $420 million worth of XRP as a part of a deal made a few years ago. Jed is co-founder and former Chief Technology Officer (CTO) of the blockchain company behind XRP. The transfer is part of a multi-year deal between the two parties that will see McCaleb slowly divest himself of his XRP holdings.

 

Jed McCaleb has sold nearly $17 million in the past week. 

When McCaleb left Ripple, he signed a deal not to sell all of his XRP holdings immediately. This was to ensure that the selling would not affect the XRP market. The current transfer is part of a deal where Ripple transfers an amount of XRP to McCaleb on a monthly basis. However, the selling pattern has changed over time. Currently, McCaleb sets aside a portion to sell every week and sells them over seven days. In the past week, he sold nearly $17 million. The former CTO still has about $652 million left to sell in total. 

 

McCaleb sold $400 million worth of XRP in 2020. 

Jed McCaleb sold a whopping $400 million worth of XRP in 2020, one of the most significant amounts to date. This was because XRP’s price has been trending upwards, making McCaleb one of the richest people in crypto. He is believed to have over $2 billion in net worth. McCaleb left Ripple in 2014 and went on to create Stellar Lumens. So far, he is believed to have sold 1.2 billion XRP since 2014 and holds about 2.5 billion tokens currently. The former CTO is selling the asset at a time when Ripple is facing a lawsuit from the United States Securities and Exchange Commission (SEC) over alleged securities violations. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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