Evernorth, backed by Ripple, has raised over one billion US dollars to offer institutional XRP exposure.
Evernorth was publicly launched via a SPAC deal, raising over one billion dollars to build "the largest institutional XRP treasury in the world.
Evernorth Holdings Inc., a newly formed company in Nevada aiming to enable institutional adoption of Ripple (XRP), has officially launched and entered into a business combination agreement with Armada Acquisition Corp II, a publicly listed special purpose acquisition company (SPAC).
The company stated that it will combine access to the public market with an active treasury model to provide a unique bridge for institutional investors seeking scalable, regulated exposure to crypto assets.
Once the deal is completed, the combined company will operate under the name Evernorth and is expected to trade on NASDAQ under the ticker "XRPN," subject to standard listing requirements.
Evernorth's XRP treasury vehicle
According to the press release shared with CryptoPotato, the deal's revenues are expected to exceed one billion US dollars. This includes 200 million US dollars from SBI Bank and additional investments from Ripple Labs and Rippleworks, a charity supporting social impact projects. Notable investors in digital assets and fintech include Pantera Capital, Kraken, and GSR. Chris Larsen, the co-founder of the company, will also participate.
