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Digital asset treasurers (DATs) have exploded this year, revealing a growing trend of public companies raising funds to buy and add digital assets to their treasuries.
XRP he was not left out of the party; In June, Singapore-based Trident Digital announced plans to raise $500 million to build an XRP treasury.
Earlier, Webus International had revealed plans to raise $300 million through non-equity financing to support its global chauffeur payment network with an XRP reserve. Saudi Arabia-based VivoPower International also revealed plans to build a $121 million XRP treasury, indicative of growing interest from companies in the XRP cryptocurrency.
Fast forward to October, Evernorth announced that it had entered into a business combination agreement with Armada Acquisition Corp II, a transaction expected to raise $1 billion in gross proceeds, creating the largest public XRP treasury company. On October 30, Evernorth announced that the combined company created with the deal began trading on Nasdaq under the ticker symbol XRPN.
What’s next?
In a recent tweet, Ripple revealed that CTO David Schwartz, who is also a strategic advisor to Evernorth, will join Evernorth CEO Asheesh Birla and Armada Acquisition Corp. CEO. II / Arrington Capital Fund Michael Arrington to discuss what to expect from Evernorth, XRP and the rise of DAT at the Swell event scheduled for November 4-5.
In September, David Schwartz revealed that he would be stepping down from his day-to-day duties as Ripple’s CTO at the end of this year and joining Ripple’s Board of Directors to continue supporting the company’s long-term mission and vision.
As one of the original architects of XRP LedgerSchwartz will share insights on what comes next amid his new roles at both Ripple and Evernorth.
Last month, Ripple announced that it had acquired GTreasury, a Chicago-based fintech company that specializes in providing software and treasury management system solutions, for $1 billion. More insights will also be anticipated in this direction at the Ripple Swell event.
