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San Francisco-based blockchain payment company Ripple has successfully unlocked 1 billion XRP tokens. Crypto wallet trading platform Whale Alert identified the action, citing that this milestone was recorded on September 1 at around 10:50 UTC+8. The token unlock came from one wallet marked as the official Ripple address by XRPScan and Bithomp.
It happened in three transactions and is valued at $560 million.
55 Billion XRP in Escrow Wallets
Ripple made a crucial move in 2017 when it decided to place 55 billion XRP tokens into several escrow wallets. To make the circulating supply of XRP more predictable, the company began to release 1 billion tokens monthly. Over time, some market observers noticed that the number of tokens that end up in circulation is typically smaller than the aforementioned threshold.
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Ripple CTO David Schwartz noted that the XRP tokens usually remain in the expired escrow until someone cancels it. “Many escrows are split into multiple escrows that expire simultaneously for administrative convenience,” he highlighted.
Is the Escrow a Good Idea For XRP?
By the beginning of this year, Schwartz stated that Ripple planned to reduce its XRP holding by a significant percentage and at a fast pace. Until this time, the Ripple executive was not still uncertain that the escrow was a good idea. It is worth noting that he initially opposed the idea of the escrow, but he is currently indifferent about it.
On the other hand, Ripple CEO Brad Garlinghouse is open to other means of controlling the token supply, so long as they benefit the XRP ecosystem. He has not ruled out the possibility of burning the XRP tokens in the escrow. Schwartz opines that blackholing the account the escrow completes into could unilaterally provide the same result that a burn mechanism will provide.
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This means that XRP tokens from the escrow will never get into circulation.
XRP Documentary Coming in November
In related XRP news, Los Angeles-based film and gaming studio Fruition Production plans to release an XRP documentary in November. According to the announcement from last month, the documentary will be available on platforms like Apple TV and Amazon. It would also be available for rent, but there are plans to move to an AD-supported platform within a short period.
Fruition will release a thriller a few weeks before the official launch.
