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Binance just sent a whopping $ 1.26 billion worth of Bitcoin between its cold wallets as part of an epic show about the power and potential of cryptocurrency.
The move aims to secure its badets and has been announced in advance by Binance's managing director, Changpeng Zhao.
Expect @whale_alert https://t.co/KKEIHt0Mwu
– CZ Binance (@cz_binance) May 29, 2019
Binance sent two transactions to BTC for a total cost of only $ 124.60 in network fees, highlighting some of crypto's greatest strengths: the ability to transfer value quickly and cheaply without the risk of censorship, without resorting to an intermediary such as a bank or a government. and without having to move bulky physical objects such as paper money or gold bullion.
If Binance was trying to transport the same amount of gold bullion from one place to another, it was a logistical nightmare.
The current price of gold is about $ 1,284 an ounce and gold bullion held by central banks weigh about 400 ounces. With each gold bullion valued at $ 513,600, Binance would have had to carry 2,453 ingots weighing 61,325 pounds to move $ 1.26 billion in gold from one chest to another.
Binance divided the cryptocurrency movements into two transactions, sending them both in 15 minutes – no armored trucks are involved.
? ?, 5 68 570 #BTC (590 206 849 USD) transferred from #Binance to the unknown portfolio
Tx: https://t.co/1xyb8YdqRs
– Whale alert (@whale_alert) May 29, 2019
, 4 77 410 #BTC (USD 667,243,260) transferred from #Binance to the unknown portfolio
Tx: https://t.co/dVm3ems9ud
– Whale alert (@whale_alert) May 29, 2019
Meanwhile, crypto-whale observers are following a big Ripple XRP transaction. The San Francisco startup has unlocked 200 million XRP worth $ 89 million, placing it in one of its company's portfolios. Unlocking XRP from escrow costs only a fraction of a cent.
Ripple, which holds more than half of the total existing XRP offering, regularly transfers its holdings in escrow to sell portions of its badets to cryptographic exchanges and other institutional participants.
Ripple announced that it sold $ 169.02 million worth of XRP in the first quarter of this year, an increase of 31 percent over the previous quarter.
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Disclaimer: The opinions expressed in Daily Hodl do not constitute investment advice. Investors should exercise due diligence before making high risk investments in Bitcoin, Cryptocurrency or digital badets. Please note that your transfers and transactions are at your own risk and that any loss you may incur is your responsibility. The Daily Hodl does not recommend buying or selling crypto-currencies or digital badets, and the Daily Hodl is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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