25 January 2017
visit http://www.wolterskluwerfs.com

Ripple price plunges on co-founders sell-off plans

23 May 2014  |  5566 views  |  0 Graph with fingers measuring

The price of the Ripple native digital currency has plummeted after Ripple Labs co-founder Jed McCaleb revealed that he plans to sell off his entire massive holding.

Ripple offers a decentralised order book relying on open-source peer-to-peer payment protocols to speed the transfer of financial information.

The co-founders of the outfit behind it, Ripple Labs, also created a native currency called XRP that can only be used within the Ripple system and acts as a bridge currency and an anti-spam measure.

In total, 100 billion XRP were created, 80 billion of which were given to Ripple Labs to manage and distribute to users. The co-founders kept the other 20 billion.

In a post on the XRP Talk message board, McCaleb says that he personally had a stash of nine billion XRP, some of which he has since given to various charities.

Now: "I plan to start selling all of my remaining XRP beginning in two weeks. Because I have immense respect for the community members and want to be transparent, I'm publicly announcing this before I start."

News of the planned sell off has seen XRP's price drop by as much as 65% in 24 hours.

McCaleb - who also founded bitcoin exchange Mt. Gox before selling it - left the Ripple Labs project last year.

Another co-founder, Arthur Britto, says that sell off will not damage the outfit, insisting "the short-term price of XRP does not hinder our ability to execute on the vision. Our company is well-funded. We're not dependent on XRP."

Adds Britto: "Prior to today, we've been working on a founders' XRP lock up plan, which Chris (Larsen) and I are participating in. You can rest assured that a dumping event like this won't happen from other co-founders."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Bitcoin not a threat to banking system...yet

Bitcoin not a threat to banking system...yet

20 May 2014  |  8440 views  |  0 comments | 16 tweets | 7 linkedin
Circle bids to take bitcoin mainstream

Circle bids to take bitcoin mainstream

16 May 2014  |  7795 views  |  3 comments | 6 tweets | 3 linkedin
Fidor to use Ripple to speed money transfers

Fidor to use Ripple to speed money transfers

06 May 2014  |  8818 views  |  0 comments | 7 tweets | 7 linkedin
Mt. Gox finds 200,000 bitcoins in old wallet

Mt. Gox finds 200,000 bitcoins in old wallet

21 March 2014  |  4465 views  |  3 comments | 7 tweets | 7 linkedin
Ripple opens developer portal; gets accelerator programme

Ripple opens developer portal; gets accelerator programme

05 March 2014  |  4846 views  |  0 comments | 4 tweets | 1 linkedin
Bitcoin bug causes massive sell-off

Bitcoin bug causes massive sell-off

10 February 2014  |  11636 views  |  7 comments | 23 tweets | 16 linkedin
Triple whammy hits bitcoin price

Triple whammy hits bitcoin price

07 February 2014  |  5916 views  |  1 comments | 13 tweets | 5 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comVisit contisgroup.comvisit wavestone.co.uk

Top topics

Most viewed Most shared
US fintech firms join forces to push data sharing via APIsUS fintech firms join forces to push data...
10983 views comments | 63 tweets | 53 linkedin
EU watchdog tells FS firms to focus on blockchain security risksEU watchdog tells FS firms to focus on blo...
6838 views comments | 16 tweets | 25 linkedin
hands typing furiouslyBlockchain: Securities market infrastructu...
6463 views 0 | 3 tweets | 4 linkedin
China's Ant Financial goes global in bid for two billion users in 10 yearsChina's Ant Financial goes global in bid f...
6177 views comments | 23 tweets | 14 linkedin
Deutsche Bourse turns to fintech partners to build 'Exchange 4.0'Deutsche Bourse turns to fintech partners...
5870 views comments | 25 tweets | 18 linkedin