The founder of Mt. Gox and Ripple Labs, Jed McCaleb, launched his new project Stellar that will encourage further digital money adoption.
The deployment of the 24,000 chips should be completed by February 2024.
Currently, the company is recruiting staff and attracting former employees of companies like SpaceX and Blue Origin. It is known that one of the key advisers is Hans Koenigsmann, who was previously the top engineer at SpaceX firm.
A number of XRP proponents seem to be celebrating the dumping of the XRP tokens by Jed McCaleb for reasons that may be personal to these individuals.
The former co-founder of Ripple Labs, Jed McCaleb, is weeks away from running out of XRP since he has been continually dumping the crypt asset for eight years.
The XRP community and investors worry about what happens to their holdings in case the two parties decide to settle the scores but without taking into account the interests of the XRP token holders.
The growing adoption of Bitcoin by large institutions is also a factor that affects the expansion of the crypto market.
Ripple founding member Jed McCaleb continues with his aggressive XRP dumping and has reportedly made more than half-a-billion dollars in gains by selling XRP over the last 8 months.
In order to support its price, Ripple decided to stop selling XRP and embark on buying back the tokens in the second and third quarters this year.
According to the blockchain transaction details, Ripple moved 1 billion of XRP in three portions. One consisting of 200 million, another consisting of 300 million, and the third one of 500 million.
Though XRP and Stellar (XLM) were created for very similar purposes, today their price tendencies differ significantly.
Ripple CTO David Schwartz has debunked all the talks about the company’s plans to replace XRP with Ripple Stablecoin (XRPSC).
A Puerto Rico-based company dubbed Bitcoin Manipulation Abatement LLC has filed this recent lawsuit accusing Ripple of misleading investors of financial gains making false claims and driving false demand. The plaintiff argues that XRP isn’t a currency.
In a controversial step, the Ripple co-founder sold an average of 1.8 million XRP tokens for each day of April 2020. Since McCaleb is the co-founder of Stellar, a direct competitor to Ripple, it has also created suspicion of his support to Ripple Labs.
The Stellar Foundation has partnered with Keybase to offer a $126 million in XLM airdrop scheduled to last for 20 months with the participants expecting to get monthly airdrops of 100 million XLM.
The community is worried about potential negative changes in XRP price after 100 million XRP was sent to Jeb McCaleb, one of the company’s co-founders, from Ripple Lab’s wallet address.