From the identity of a massive crypto whale to a new proposal on the future of the XRP Ledger, here’s a look at some of the stories breaking in the world of crypto.
A mysterious crypto whale behind a series of huge Bitcoin transfers has been revealed.
On Monday, traders began noticing a series of Bitcoin transfers that moved close to $1 billion in BTC between unknown wallets.
One of the transfers moved 107,848 BTC worth $898.4 million, for a fee of about $194.
The crypto data aggregator BitInfoCharts eventually traced the transfers to Luxembourg-based crypto exchange Bitstamp.
The exchange was apparently moving the funds to a cold storage wallet held by institutional crypto custody company Xapo, which was recently acquired by Coinbase.
Ripple and XRP
Ripple chief technology officer David Schwartz is expanding on his proposal to add a stablecoin feature to the XRP Ledger.
According to Schwartz, the feature would allow people to issue stablecoins that are redeemable for XRP on the ledger.
“These assets have a backing asset, in this case XRP. That means that there’s something that is supposed to guarantee its value…
What’s interesting about this proposal is that the stablecoins are perfectly liquid to XRP at face value on the ledger. So in other words, if you have a dollar and a dollar stablecoin designed on this system, what you have is a $1 claim on XRP enforceable by the ledger’s payment mechanics.
And the reason that’s important is, with some other stablecoin designs, if the stablcoin isn’t popular it won’t necessarily be liquid.