Ripple recently moved 60 million XRP to anonymous wallets, sparking interest among market watchers. On-chain data revealed the transfers happened in two separate transactions. Whale Alert, a blockchain tracker, reported that Ripple moved 30 million XRP worth $15.9 million, followed by another transfer of the same amount. Specifically, these transfers coincide with Ripple’s partnership with Garanti BBVA, raising questions about their purpose.
Ripple’s XRP Moves Raise Speculation
The timing of the XRP transfers has led to speculation about their potential role in Ripple’s expanding operations. The 60 million XRP, worth roughly $30.1 million, might be tied to various company needs. Analysts suggest that Ripple could be preparing for liquidity provision, reorganizing wallets, or covering operating costs as the company broadens its offerings.
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Some also consider the possibility that Ripple may be selling a portion of its XRP holdings. The exact reason for these transfers remains unclear, but they have attracted attention due to their proximity to the partnership announcement.
Garanti BBVA Forms Strategic Partnership with Ripple
Garanti BBVA Kripto, a subsidiary of Garanti BBVA, one of Turkey’s largest banks, has joined forces with Ripple to enhance its digital asset platform. However, this partnership aims to strengthen security, performance, and customer trust for Garanti BBVA Kripto’s expanding user base.
The bank had already launched a successful pilot of this system in 2023, and now plans to roll it out to all its customers.
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Ripple’s custody solutions, integrated with IBM’s technology, played a key role in the platform’s development. Together, they built an institutional-grade key management infrastructure to protect private keys, applications, and data, ensuring high levels of security for the bank’s crypto operations.
This collaboration marks a significant step in Garanti BBVA Kripto’s growth and sets the stage for future advancements.
