Ripple Expat Jed McCaleb Ramps up Cryptocurrency Sell-Off as XRP Rallies
The co-founder of two of the six most valuable cryptocurrency tokens is capitalizing on a September rally to ramp-up the speed at which he cashes out of one of those assets: ripple (XRP).
Why a Ripple Co-Founder is Cashing Out
Jed McCaleb, instrumental in the launch of both Ripple and Stellar — as well as the cryptocurrencies associated with them — has in recent weeks increased the rate at which he is selling his remaining XRP tokens, which are meted out to him on a daily basis. McCaleb’s increased selling activity was first reported by The Wall Street Journal.
McCaleb, who founded bitcoin exchange Mt. Gox (but was no longer at the helm at the time of its infamous demise), served as Ripple’s first CTO until 2013, receiving at least 9 billion XRP as part of the blockchain startup’s founding agreement.