XRP is making headlines after Ripple’s long legal battle with the SEC finally came to an end. New financial products such as Chicago Mercantile Exchange (CME) XRP futures and multiple ETF filings indicate that large investors are starting to pay close attention. Evernorth, a digital asset firm led by Asheesh Birla, has seized the opportunity to launch a $1 billion treasury business focused on XRP.
This move comes as the world of cryptocurrencies begins to grow. After many years of trial and error, the industry is moving into a more stable and professional stage. Our current focus is on creating tools and services that make it easier for traditional financial institutions to participate in blockchain-based systems.
Towards globalization
In an interview with Thinking Crypto, the CEO recently said that Evernorth’s $1 billion goal is not the end goal, but just the beginning. The company plans to raise further funding in the future and expand into global markets where XRP already has strong support, particularly Japan and South Korea.
Backed by Ripple, SBI Holdings, Arrington XRP Capital, and other major investors, Evernorth aims to leverage these partnerships to strengthen XRP’s presence in Asia and the rest of the world. In particular, cooperation with SBI could help open new doors for the use of XRP in regional financial networks.
According to Birla, the long-term success of cryptocurrencies depends on widespread institutional participation. Evernorth aims to give large investors and corporations access to and ownership of XRP, forming part of what he calls the “adult movement” in digital assets.
“This ecosystem will not flourish until there is widespread adoption by institutions,” he explained. “Evernorth is one of the tools to get there, making it easier to participate in the crypto economy and the future of finance built on blockchain.”
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