Farewell to Ripple – One of its founders gets rid of the last XRP in his pockets

Not a single XRP left in his handsJed McCaleb is one of the main designers/founders of the XRP and of Ripple, with David Schwartz and Arthur Britto. However, as early as 2013, he left the company to found the crypto project Stellar (XLM). Starting from Ripple, however, he took with him no less than 9 billion XRP, which he has sold steadily ever since. For a few days, his wallet has been now empty.

The last million XRP sold by its former founder

It is undoubtedly with joy and relief that the Ripple teams have published this news: Jed McCaleb has finally finished liquidate all of its billions of tokens XRP.

On July 17, 2022, at 6:31 p.m. precisely, the former co-founder of Ripple made the last large withdrawal transaction from his wallet – nicknamed “tacostand”. Jed McCaleb thus withdrew 1,108,826 XRPis around $390,000 at the current price.

Jed McCaleb has finally finished liquidating all of his billions of XRP tokens
Jed McCaleb’s latest 9 billion XRP sale transaction – Source: xrpscan.com

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Thorn McCaleb finally extracted from Ripple’s foot

Ripple’s release sums up the deal that made Jed McCaleb a “accidental billionaire” and incidentally a big thorn in Ripple’s side, in terms of selling pressure. It all started in 2011. The 3 engineers Jed McCaleb, David Schwartz and Arthur Britto then developed and launched the XRP Ledger (the XRP Distributed Ledger).

Those are 100 billion XRP which were then created in 2012 (or “pre-mined”, if we compare to Bitcoin). And it was a few months later, when a company was created around the token, that things got tougher.

“(…) When the Ledger XRP was launched, 100 billion XRP were automatically generated by the Ledger XRP code, as the code base stipulated that no new XRP could be created. In September 2012, Jed, Arthur and Chris Larsen created Ripple (the company was then called NewCoin), and the founders of Ledger XRP donated 80 billion XRP to the company. The remaining 20 billion XRP were kept by Jed, Arthur and Chris. A few months later, it was clear that Jed’s vision and that of the company did not match, which ultimately led to his departure in June 2013.

Ripple Statement

Since 2013, Jed McCaleb kept selling its XRP, at limited pace that a court decision had fixed. 9 years later, the billionaire is now released completely of his old project. He will be able to devote himself fully to Stellar. McCaleb wanted an XLM network centered around a non-profit association – the Stellar Foundation -, rather than a mercantile company, for facilitate financial inclusion for as many people as possible.

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