Technology

Goodbye Ripple – one of its founders is getting rid of the last XRP in his pockets

Not a single XRP left in his hands – Jed McCaleb is one of the main designers / founders of XRP and Ripple, along with David Schwartz and Arthur Britto. However, already in 2013, he left the company to found the Stellar (XLM) crypto project. However, starting with Ripple, he took at least 9 billion XRP with him, which he has been selling regularly ever since. For several days now, his wallet has been empty.

The last million XRP sold by its former founder

Undoubtedly, the Ripple teams are happy and relieved to release the news: Jed McCaleb has finally finished liquidating all of his billions of XRP tokens.

On July 17, 2022 at exactly 6:31 pm, the former co-founder of Ripple made the last major withdrawal transaction from his wallet, nicknamed “tacostand”. So Jed McCaleb withdrew 1,108,826 XRP, or about $390,000 at the current price.

Jed McCaleb’s latest 9 billion XRP sale transaction – xrpscan.com

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Thorn McCaleb finally escaped from under Ripple’s feet

The Ripple press release summarizes the case that made Jed McCaleb an “accidental billionaire” and, by the way, a big thorn in Ripple’s side in terms of selling pressure. It all started in 2011. Then 3 engineers Jed McCaleb, David Schwartz and Arthur Britto developed and launched the XRP Ledger (XRP distributed ledger).

Then in 2012, 100 billion XRP (or “pre-mined” when compared to bitcoin) was created. It wasn’t until a few months later, when a company was formed around the token, that things went wrong.

“(…) When Ledger XRP was launched, 100 billion XRP was automatically generated by the Ledger XRP code because the codebase stipulated that no new XRP could be created. In September 2012, Jed, Arthur, and Chris Larsen created Ripple (the company was then called NewCoin), and the founders of Ledger XRP donated 80 billion XRP to the company. The remaining 20 billion XRP remained with Jed, Arthur and Chris. A few months later, it became clear that Jed and the company’s vision were not aligned, which ultimately led to his departure in June 2013.

Ripple Statement

Since 2013, Jed McCaleb has not stopped selling his XRP at the capped rate set by the court. After 9 years, the billionaire is completely free from his old project. He will be able to devote himself entirely to Stellar. McCaleb really wanted the XLM network to be centered around the Stellar Foundation, a non-profit association rather than a commercial company, to make it easier for as many people as possible to be financially accessible.

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