- Binance moves $1.26 billion worth of Bitcoin and pays a very small fee
- XRP has decided to move 200 million XRP paying a fee of 0.005 XRP
The recognized cryptocurrency exchange Binance moved $1.26 billion worth of Bitcoin (BTC) between cold wallets that the company has. The information can be seen through Bitcoin network explorers that show information about transactions.
Binance Moves $1.26 Billion in BTC
The largest cryptocurrency exchange in terms of trading volume, Binance, has performed a very large transaction in Bitcoin. Changpeng Zhao, the CEO and founder of the platform informed on Twitter that they were going to be moving some funds between their cold wallets.
He explained that the first step was to send a transaction from and back to an existing wallet. After this, they would be sure that they can sen a large transaction to the same wallet without having to be worried about the funds moved.
Indeed, the transactions have been processed in Bitcoin blocks #578327 and #578328. They were broadcasted at 9:00 UTC on May 29. The first transaction was 77,410.477 BTC and the fees paid were $19.22. The second transaction contained 68,569.60 BTC ($594 million) and a higher fee compared to the transaction before. Binance paid $105.38 for processing this transaction.
The fees attached to a specific Bitcoin transaction can be selected by the sender. Miners decide which transactions they want to process according to the fees they include. Higher fees would certainly be more attractive to miners that will want to process them faster than those with smaller fees.
We will be moving some funds between our cold wallets. A tell tale sign of a new cold wallet on Binance is two small transfers from and BACK TO an existing wallet, then a large transaction. No need to be alarmed. Funds are #SAFU.
— CZ Binance (@cz_binance) October 20, 2018
This shows that it is possible to send large transactions and money around the world for a very low cost and in a fast way. The network works as intended allowing companies and users to move their funds as desired. In addition to it, there is no middleman that is in between the users that want to transact funds.
The transactions have also been registered by Whale Alert when it informed that Binance moved the funds between these wallets.
— Whale Alert (@whale_alert) May 29, 2019
— Whale Alert (@whale_alert) May 29, 2019
However, Binance is not the only entity that is moving large sums of money on the blockchain. Ripple is usually moving funds that are used to fund its operations each month. Ripple Labs owns more than half of the total supply of XRP. The company holds these funds in an escrow, being able to move just a few million XRP per month.
For this 200,000,000 XRP transaction, the company paid just 0.005 XRP (5000 drops) equal to $0.0023. Ripple works in order to make cross-border payments faster and cheaper. There are several firms around the world that are already using the XRP digital currency to source liquidity on demand and make cross-border payments and transactions.
Currently, each Bitcoin can be bought for $8,700 and it has a market capitalization of $154 billion. According to CoinMarketCap, XRP is the third largest digital asset and it has a market capitalization of $19.40 billion. Each XRP can be purchased for $0.46.
- Source: First Appeared Here
- Published Time: 2019-05-30 15:46:28
The views and opinions expressed in the article Binance Goes Back to Back Bitcoin Blockchain Blocks Moving 144,076 BTC and 157,157 BTC Amounts do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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