Ripple has moved one billion XRP out of escrow in preparation to sell a portion of its assets to accredited investors, institutions and crypto exchanges in over-the-counter deals.
The company performs the procedure at the start of every month, and typically ends up placing at least 700 million XRP back into escrow by the end of the month.
Ripple also appears to be getting into the habit of including intriguing memos along with its mass movements of XRP. The latest memo states, “The revolution will be televised…”, an apparent reference to Gil Scott-Heron’s The Revolution Will Not Be Televised.
“Some of our customers are already in the early stages of using xRapid, Ripple’s XRP liquidity solution. Payments into emerging markets can require multiple currency traders (added costs) and pre-funded local currency accounts in the destination (trapped, dormant capital). Instead, payment providers and banks can use XRP to fund these payments on demand, without intermediaries, at a cost that is less than half of the current cost.
But it’s safe to say that we have to crawl before we walk before we run. This is uncharted territory for banks and payment providers, and it’s going to take time before you see broad adoption of digital assets solving this multi-trillion dollar opportunity. Suffice it to say, we are very pleased by the interest from various pilots our customers are already running.”