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Ripple Co-Founder Chris Larson Moves Half a Billion XRP – Here’s Where the Huge Crypto Trove Is Going

September 24, 2020

Ripple co-founder Chris Larson just moved a hefty 500 million XRP in a single transaction.

The XRP trove was worth more than $115 million at the time of transfer, the crypto tracker Whale Alert reports.

Larson sent the XRP into custody with the New York Digital Investment Group (NYDIG), a digital asset management firm. Larson, who also serves as the executive chairman of Ripple’s board of directors, says the move demonstrates his confidence in the firm.

“As some of you may have noticed, I moved an $XRP wallet to NYDIG. I’ve known the founders for a while, and am impressed by their security and top notch institutional standards — this is truly custody 2.0.”

Formed in 2017, NYDIG is rapidly becoming one of the biggest fund managers in the crypto space. This year, the firm raised more than $190 million for an “Institutional Bitcoin Fund,” according to a US Securities and Exchange Commission (SEC) filing published in June.

A separate May filing indicates NYDIG raised nearly $140 million for a “Bitcoin Yield Enhancement Fund.” And in 2018, the firm reported raising $31 million for an “Institutional Digital Asset Fund,” according to another SEC document.

NYDIG says their custody platform is built to satisfy the “highest regulatory, audit, and governance standards.”

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