300 million XRPs will likely be used by the enterprise blockchain company for ODL, ETPs, and other needs
According to data provided by Whale Alert, 400 million XRP tokens ($869 million at the time of the transaction) were locked in escrow.
Prior to this, Ripple unlocked 500 million XRP ($1.088 billion) from escrow as part of its monthly scheduled unlocks. These tokens were then transferred to the company in two transactions (300 million XRPs and 200 million XRPs).
The 300 million XRP transfer is likely queued for on-demand liquidity operations (ODL), exchange-traded products (ETPs), as well as strategic partnerships.
A third escrow unlock of 300 million XRP was also identified earlier today, but it seemingly failed.
The escrow process does not seem to be complete, meaning that more updates are expected soon.
Since late 2017, Ripple has traditionally released 1 billion tokens from escrow each month.
However, earlier this year, the company deviated from this traditional schedule by performing internal relocations before actual unlocks. In March, it created new escrows from its own XRP holdings instead of unlocked tokens, which was highly unusual. The same pattern was observed in the following months.
As reported by U.Today, the company previously released tokens on June 4.
In the meantime, it was recently clarified that the company does not technically hold 38 billion tokens in escrow since these funds are managed by smart contracts.
According to its last market report, Ripple itself holds up to 5 billion XRP tokens.
