At the Ripple Swell 2025 event in New York City, former Ripple executive Asheesh Birla took to the stage to talk about his new business Evernorth and the company’s vision to bridge traditional finance (TradFi) and the decentralized economy.
Built on the XRP Ledger (XRPL), Evernorth aims to simplify institutional investors’ exposure to digital assets while maintaining the compliance and risk management standards expected in mainstream finance.
The discussion highlighted how Evernorth’s $1 billion worth of XRP positions and its structured approach to regulated digital asset management represent a growing wave of institutional adoption within the XRP ecosystem.
Building on Ripple’s legacy
Speaking live at the event, Birla reflected on his 10-year journey with Ripple, highlighting how the company evolved from a small startup to a global payments leader.
“We started this nine years ago and it’s amazing to see how far the Ripple and XRP ecosystem has come,” Birla said.
He emphasized that Ripple’s strength has always come from cooperation with traditional financial institutions rather than competition, and that the company’s long-standing commitment to regulation and compliance is the key to its success.
“Ripple has proven that blockchain and banks can work together,” Birla added. “That foundation gives us the credibility and experience to take our next leap forward with Evernorth.”
Evernorth: A regulated digital asset vault for institutions
Evernorth is designed to simplify how institutional investors hold and manage their exposure to XRP and other digital assets. Structured as an XRP Digital Asset Treasury (DAT), it combines the accessibility of a traditional exchange-traded fund (ETF) with the flexibility of a blockchain-based asset.
“We are building a product that makes it as easy as adding stocks to your portfolio,” Birla explained. “Evernorth allows investors to gain exposure to XRP, and ultimately DeFi, while maintaining compliance and institutional-grade risk controls.”
Evernorth plans to initially focus on generating yield through traditional financial mechanisms and introduce DeFi-based yield products as the market matures. The company’s mission is to make institutional participation in digital assets seamless and compliant, paving the way for expanded adoption across the financial sector.
Regulation drives institutional momentum
Birla pointed to regulatory clarity as a driving force behind Evernorth’s timing. He cited the passage of the Genius Act, which provided much-needed stablecoin regulation and sparked 18% growth in the sector shortly after its approval.
“Regulation was the catalyst,” he says. “When we started talking to investors this year, we saw a whole new class of institutions getting involved. The United States is finally in a position to lead the world in digital asset regulation.”
Now, with the US setting clearer guidelines for digital assets, institutional investors are increasingly viewing XRP and other blockchain-based assets as viable additions to their portfolios.
Bridging traditional finance and DeFi
Evernorth’s long-term goal is to build a sustainable bridge between traditional finance and decentralized finance (DeFi). While volatility remains a defining feature of crypto assets, Birla believes responsible innovation and long-term vision will attract lasting institutional involvement.
“This is not a ‘move fast and get out of the situation’ approach,” Birla points out. “We are talking about finances. We need to act responsibly and build for the long term.”
Evernorth’s XRP Holdings
Ripple-backed Evernorth reportedly acquired an additional $214 million in XRP, bringing its total XRP holdings and commitments to over 473 million tokens, and its position is estimated to be worth nearly $1 billion.
The latest purchase prices ranged from $2.36 to $2.53 per XRP, with Ripple affiliates acquiring 50 million XRP and Arlington Fund adding 211 million XRP.
This buildup ahead of Evernorth’s planned NASDAQ debut signals a clear vote of confidence from institutional investors in the XRP ecosystem, especially as regulatory clarity and blockchain infrastructure continue to advance.
Never miss a beat in the crypto world!
Get the latest news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
FAQ
Evernorth is a digital asset vault built on the XRP ledger, founded by former Ripple executive Asheesh Birla to bridge traditional finance and DeFi.
Evernorth simplifies institutional exposure to XRP by providing a regulated fund-like structure that ensures compliance and risk management.
Evernorth’s launch is in line with new US crypto regulations, making it easier and safer for financial institutions to participate in digital assets like XRP.
Trust CoinPedia:
CoinPedia has been providing accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by an expert panel of analysts and journalists following strict editorial guidelines based on EEAT (Experience, Expertise, Authority, and Trustworthiness). All articles are fact-checked against trusted sources to ensure accuracy, transparency, and authenticity. Our review policy ensures unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely and up-to-date information on everything cryptocurrencies and blockchain, from startups to industry giants.
Investment Disclaimer:
All opinions and insights shared represent the author’s own views on current market conditions. Please do your own research before making any investment decisions. Neither the author nor the publication is responsible for your financial choices.
Sponsors and advertising:
Sponsored content and affiliate links may appear on our site. Ads are clearly marked and our editorial content is completely independent of our advertising partners.