Ripple Labs, the company behind the XRP cryptocurrency, has unlocked 1 billion XRP tokens from escrow. The tokens were released on June 2, 2023, and were distributed across three transactions.
The unlock is part of Ripple’s regular monthly distribution of XRP tokens from escrow. Ripple has said that it will continue to release XRP tokens from escrow on a monthly basis until all 55 billion tokens have been released.
The release of XRP tokens from escrow has been a controversial topic. Some people have criticized Ripple Labs for releasing so many XRP tokens into circulation, arguing that it could cause the price of XRP to decline.
Others have defended Ripple Labs, arguing that the company is following its plan to gradually release XRP tokens into circulation and that this will help to promote the adoption of XRP.
The release of 1 billion XRP tokens is a significant event in the XRP ecosystem. It will be interesting to see how the market reacts to the news.
Here are some additional details about the XRP token unlock:
- The 1 billion XRP tokens were released from Ripple’s Escrow A account.
- The tokens were distributed across three transactions:
- 400 million XRP was sent to an unknown address.
- 300 million XRP was sent to Bitstamp, a cryptocurrency exchange.
- 300 million XRP was sent to an unknown address.
- The total supply of XRP tokens is now 99 billion.
- Ripple Labs still holds 45 billion XRP tokens in escrow.
Ripple Labs has said that it will use the proceeds from the sale of XRP tokens to fund its operations and to promote the adoption of XRP.
The release of XRP tokens from escrow is part of Ripple’s long-term plan to make XRP the most widely used cryptocurrency in the world. Ripple believes that XRP can be used to speed up and reduce the cost of cross-border payments.
