Digital asset treasuries (DATs) have exploded this year, revealing a growing trend of public firms raising funds to buy and add digital assets to their treasuries.
XRP has not been 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 funding 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 it had entered 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 Oct. 30, Evernorth announced that the combined company created with the agreement has begun 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 be joining Evernorth CEO Asheesh Birla and Armada Acquisition Corp. II / Arrington Capital Fund CEO Michael Arrington to discuss what to expect from Evernorth, XRP and the rise of DATs at the Swell event scheduled for Nov. 4 to 5.
In September, David Schwartz revealed he would be stepping back from his day-to-day duties as Ripple CTO at the end of this year and joining Ripple’s Board of Directors to continue supporting the company’s mission and long-term vision.
As one of the original architects of XRP Ledger, Schwartz will be shedding insights on what comes next amid his new take up of roles both at Ripple and Evernorth.
Last month, Ripple announced that it had acquired GTreasury, a Chicago-based fintech company that specializes in providing treasury management system software and solutions, for $1 billion. More insights will also be anticipated along this direction at the Ripple Swell event.
Source: https://u.today/whats-next-for-xrp-ripple-cto-set-to-reveal-treasury-insights-at-key-event
