Ripple Reportedly Moves $26.3 Million of XRP to Co-Founder Jed McCaleb’s Wallet

  • Ripple transferred 100 million XRP to the wallet of Jed McCaleb
  • McCaleb has been selling 500,000 XRP per day, according to some reports. 

Ripple has moved 100,000,000 XRP, worth more than $26.3 million to the wallet of co-founder Jed McCaleb, contributing to the controversy that is already surrounding the blockchain startup. 

Ripple Moves 100 Million XRP

After battling investor derision over the continued sale of XRP to institutional investors, San Francisco-based Ripple has moved 100 million XRP into the wallet of its former co-founder.

McCaleb, who originally started the infamous Mt. Gox crypto exchange before moving on to Ripple and eventually Stellar, has added another 100 million XRP to his 9 billion XRP holdings.

Investors fear that McCaleb, who no longer has a role with Ripple, may sell his XRP en masse, further depressing the price of the coin. 

While McCaleb originally signed an agreement with Ripple in 2014 limiting the amount of XRP he could sell to $520,000 per year, those restrictions are no longer in place. Instead, McCaleb is eligible to sell 750 million XRP this year and has been dumping 500,000 coins per day, according to Coin Metrics

VC Firm Andreessen Horowitz Unveils Who'll Teach at Its Free Crypto Startup School

Venture capital firm Andreessen Horowitz (a16z) has unveiled who’ll be teaching at its free Crypto Startup School, and instructors include Coinbase’s CEO Brian Armstrong, Calibra’s head of strategy, and some of its own general partners.

According to a blog post, the list of instructors will also include Coinbase’s chief legal officer Brian Brooks, and its ex-chief technology officer Balaji Srinivasan. From Andreessen Horowitz various general partners will be instructing in the course, as well the founder of Compound Robert Leshner, and the founder of Parity Jutta Steiner.

The post, written by program manager at the Crypto Startup School Jesse Walden, details:

They will share lessons they’ve learned, early best practices, new project ideas, and important considerations to help aspiring entrepreneurs and builders get started.

The school’s program is set to start on February 21 of next year, and will end on April 3. The free seven-week course was announced last month, and as reported the course’s lessons will only be for those whose applications get accepted. Later on, however, a16z plans to make videos of these lectures as well as course materials available to the public.

Some of the main topics that are to be addressed at the Crypto Startup School include cryptocurrency business models, fundraising strategies, regulatory landscape, an overview of application development tools, and more.

Featured image via Pexels.