According to on-chain data, Ripple has transferred 60 million XRP in different transactions to anonymous wallets. This development comes amid the announcement of a strategic collaboration between Garanti BBVA and Ripple aimed at enhancing the performance and security of Garanti BBVA's growing digital platform.
According to Blockchain data tracker Whale Alert, the transfer of 60 million XRP, valued at approximately $30.1 million, was executed in two parts. The first transaction saw "30,000,000 XRP worth $15,908,943 transferred from Ripple to unknown wallet," while the second saw "30,000,000 XRP worth $15,908,943 transferred from Ripple to unknown wallet."
The timing of these transfers is particularly interesting given the partnership announcement between Garanti BBVA and Ripple sparking speculation about the intention of the moves. It is possible that these XRP transfers could be related to liquidity provision, wallet reshuffling, operating funding to expand Ripple’s technology solutions or even selling.
Ripple inks new partnership with major Turkish bank subsidiary
Garanti BBVA Kripto, a subsidiary of Garanti BBVA, one of Turkey's largest banks, has formed a strategic collaboration with Ripple.
Garanti BBVA Kripto aims to provide high performance, security and customer trust standards for digital assets by establishing strategic collaborations with Ripple via the service provided by its subsidiary and IBM for the safe custody of its crypto asset trading platform, which serves over 14,000 users.
Following a successful pilot in 2023, the bank is now spreading out the service to all of its customers. The integrated solution from Ripple Custody and IBM allowed the bank to build, implement and maintain institutional-grade key management infrastructure with end-to-end security to safeguard private keys, apps and data.