Ripple just moved 31 million XRP worth about $7.4 million to its over-the-counter (OTC) distribution wallet.
The San Francisco-based startup uses the OTC wallet to sell portions of its XRP holdings to third parties such as crypto exchanges and institutions.
31,000,000 #XRP (7,406,178 USD) transferred from Ripple to Ripple OTC Distribution wallet
— Whale Alert (@whale_alert) September 27, 2019
The latest movement comes just before the close of the third quarter, which ends on September 30th.
So far this quarter, the company appears to have sold about 99,906,407 XRP worth about $24.1 million, according to the crypto wallet tracker Whale Alert.
Ripple, which owns more than half of the total supply of XRP, with most of it locked in escrow, sells portions of its holdings to fund its business and to invest in the XRP and the distributed ledger ecosystem at large.
Ripple’s investment arm Xpring just revealed its latest acquisition, buying the decentralized payments company Logos Network for an undisclosed sum.
The purchase is expected to help Ripple create a series of XRP-based decentralized finance platforms, including derivatives, futures and loans.
“As part of Xpring, the Logos team will be leading an ongoing initiative to explore a decentralized financial (DeFi) system that will leverage XRP at its core, as well as other ideas we are exploring to leverage crypto to transform payments and finance.
The Logos team will bring even more horsepower to what the Xpring team can deliver.”
Ripple says Xpring will operate its DeFi products department out of the company’s office in New York.