Ripple locks up 55 Billion XRP in Escrow to eliminate supply uncertainty
Blockchain technology provider Ripple has announced that it has placed 55 billion XRP in a cryptographically-secured escrow account.
55B $XRP is now in escrow. Interested in what this means for $XRP markets? https://t.co/sbBjnxamq1— Ripple (@Ripple) December 8, 2017
The move, first revealed in May, is aimed at creating certainty of XRP supply at any given time. It will allow people to mathematically verify the maximum supply that can enter the market and eliminate the concern that Ripple could flood the market by selling its 61.68B XRP in the market at any time.
“This move underscores Ripple’s commitment to building XRP liquidity and a healthy and trusted market,” Ripple said. “XRP goes beyond what Bitcoin does well — a store of value — and delivers transaction speed and throughput that is orders of magnitude faster than BTC or ETH. While other digital assets continue to bump against their transaction limits, XRP remains the fastest, most efficient and most scalable digital asset in the world – making it the best digital asset for payments.”
Ripple introduced the “Escrow” feature in the XRP ledger in March 2017. It allows XRP Ledger and ILP to communicate to secure XRP for an allotted amount of time or until certain conditions are met. Using this feature, parties can hold funds until a service is completed, or until a moment in time.