BitGo custody service has participated in sending 175 million XRP to crypto exchanges

According to Whale Alert, within the past 20 hours, a significant amount of 175 million XRP has been transferred by custodial platform BitGo and several other crypto exchanges. The destination of some of these transfers is Ripple’s ODL platforms — Bitso and Bitstamp.

175 million XRP shoveled by Galaxy Digital’s BitGo

Since BitGo is a custodial cryptocurrency platform for many institutional investors, some will likely sell a portion of their Ripple-linked tokens, as XRP has grown by 11.78% in a few days and up more than 36% in about a week.

Cryptocurrency custody service BitGo, which stores XRP for many of Ripple’s institutional customers, has moved 20,000,000 XRP to the Bitstamp exchange — one of the San Francisco-based fintech giant’s ODL corridors. That amount includes $16,564,213.

Last year, BitGo was acquired by crypto investment fund Galaxy Digital led by Mike Novogratz. Bittrex exchange moved 20 million XRP to Bitstamp, and the same amount of XRP to Bitso, another ODL exchange in partnership with Ripple; this exchange is located in Mexico and is the largest crypto exchange in Latin America.

bitgo-custody-service-has-participated-in-sending-175-million-xrp-to-crypto-exchanges

Source: Whale Alert

For the rest of the transfers, Bitso moved 15,100,000 XRP in its wallets, South Korea-based Bithumb moved 66,999,920 XRP internally, and Bitstamp sent 33,000,000 XRP to HitBTC — an amount worth $27,476,838.

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