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Revolution in the financial market: XRP treasuries are sprouting worldwide!
On the 4th-5th November Ripple CTO David Schwartz and other experts will discuss XRP and digital asset treasures at Swell.
Revolution in the financial market: XRP treasuries are sprouting worldwide!
Development in the digital asset space is constantly increasing, and 2023 was a particularly banner year for digital asset treasuries (DATs). Public market companies have mobilized significant funds to acquire digital assets. This momentum will be reinforced at an upcoming event where Ripple CTO David Schwartz will provide significant insights on the topic.
Among the notable developments is the announcement of Trident Digital from Singapore, which announced plans in June to raise $500 million to set up an XRP treasury. Likewise intended Webus International, to secure $300 million via non-equity financing to support a global chauffeur payment network with an XRP reserve. Another example is VivoPower International from Saudi Arabia, which wants to build an XRP treasury worth $121 million.
New market leader in the XRP segment
Closed in October Evernorth entered into a commercial agreement with Armada Acquisition Corp II that is expected to generate $1 billion in gross proceeds. This company is expected to become the largest public XRP treasury provider. On October 30, Evernorth began trading on Nasdaq under the ticker symbol XRPN, marking another important step in the evolution of the digital asset market.
At the upcoming Swell event, which will take place on November 4th and 5th, David Schwartz will be joined by Evernorth CEO Asheesh Birla and Michael Arrington, CEO of Armada Acquisition Corp. II / Arrington Capital Fund, talking about the aspects of Evernorth, XRP and DATs. Schwartz, who is also a strategic advisor for Evernorth, will provide key insights into the future development of Ripple and Evernorth.
Ripple’s strategic moves
Another important move by Ripple was the acquisition of GTreasury, a Chicago-based fintech company specializing in treasury management systems. This acquisition took place for $1 billion and shows Ripple's commitment to further expanding its position in the treasury management space.
At the end of the year, Schwartz will step down from his day-to-day duties as Ripple CTO and join Ripple's board of directors. As one of the original architects of the XRP Ledger, he will continue to play a central role in the company's strategic development.