Ripple is outlining its quarterly sales of the crypto asset XRP.
In Q1 2020, the San Francisco payments company sold $1.75 million worth of XRP, down 86% from $13.08 million in the previous quarter.
The $1.75 million in XRP was sold directly to institutions, and Ripple sold zero XRP on crypto exchanges, which it typically does programmatically.
“Ripple continued the pause of programmatic sales, focusing solely on its over-the-counter (OTC) sales to build XRP utility and liquidity in strategic regions including EMEA and Asia.”
Ripple has dramatically slowed its cryptocurrency sales since Q3 of 2019, when it sold $251.51 million in XRP.
The company, which owns more than half of the total supply of the third-largest cryptocurrency by market cap, says it sells portions of its holdings to fund its operations and invest in startups.
In December, Ripple raised $200 million in a Series C funding round led by Tetragon that valued the company at $10 billion.