June 3, 2023

New On-chain Data Shows Whale Investors are Accumulating Ripple (XRP) and Polygon (MATIC)

The cryptocurrency market seems to be taking another bullish leap. To this end, there is considerable movement in the market, with dead accounts coming alive and whale investors shifting gears.

Some of the most visible whale activity can be noticed in two major cryptocurrencies, namely MATIC and XRP.

The Whale Alert tracker has posted the latest updates on Twitter that both currencies have experienced a massive transaction wave in the last 36 hours. The tracker has reported $284.8 million worth of XRP moving from one wallet account to another.

On the other hand, MATIC whales are said to have shuffled around $33.6 million on regulated exchanges.

Siemens is a brand operating out of Germany. The firm has issued a digital bond worth 60 million euros on the Polygon network.

The firm has maintained that the bond follows the Securities Act of the country. The regulatory amendment was introduced in 2021, and it creates legal precedence for using blockchain-debt sales.

As per Siemens, the bonds issued using blockchain technology are going to reduce the hassle of extensive paperwork. At the same time, more investors will gain easy access to these bonds without having to deal with lengthy bank verifications and approval.

Blockchain-based Bonds 

The Corporate Treasurer at Siemens, Peter Rathgeb, has claimed that blockchain-based bonds are going to process much faster and operate more efficiently. Siemens partnered with JP Morgan to create a blockchain-based payment network in 2021. The system aims to enable internal payments.

At the same time, this blockchain-based payment system will eliminate the dependency on third-party services. The firm has issued its first bond hosted on the Polygon network, and since the introduction of the new product, MATIC prices have experienced a 7.21% appreciation.

At present, the unit price of MATIC is $1.25, and the total market cap of the project is estimated at around $12.8 billion.

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