In a recent report written by Ripple’s Chief Market Strategist, Cory Johnson and published on the Ripple blog, he mentioned multiple aspects of his company’s journey in the third quarter of 2018. Here, he also wrote about the escrow activity within the company and its history.
He started by stating that the company locked up around 55 billion XRP and secured it cryptographically in an escrow account in the last quarter of 2017. This is believed to have been done to avoid uncertainty in the supply of XRP in the market. Johnson also added:
“Due to that lockup, Ripple has access to only 13 percent of the total XRP in circulation. Ripple’s sales were a tiny fraction of that amount.”
He further explained that the third quarter of this year saw the release of 3 billion XRP from the escrow account on 1 billion per month basis. More so, new escrow contracts were created where 2.6 billion XRP was engaged. He also stated:
“The remaining 400 million XRP not returned to escrow is being used in a variety of ways to help support the XRP ecosystem.”
Previously, Ripple had also published a report for the second quarter of the year. Here, the escrow report followed a similar approach and pattern of locking up and releasing XRP.
The company also mentioned all the newcomers that entered the XRP ecosystem in the second quarter. Some of the names were Coil, a micropayment cryptocurrency startup making use of XRP to provide service and SB Projects, a service to enable artists to manage and monetize their content via XRP.
As stated by Ripple, both of the mentioned projects were backed by Xpring. This is an initiative taken by the firm to support and fund the new startups that want to build and progress in the XRP ecosystem.
The post Ripple released 3 billion XRP from its escrow account to propel the progress appeared first on AMBCrypto.