Evernorth Takes Public Leap with $1 Billion SPAC Merger

Evernorth, backed by Ripple, is set to launch a public listing on the Nasdaq via a $1 billion SPAC merger with Armada Acquisition Corp II. This move will allow Evernorth to acquire XRP for institutional use, aiming to increase liquidity and engagement within the cryptocurrency market. The company’s IPO has attracted major stakeholders including Ripple executives Chris Larsen, Pantera Capital, and Kraken investor SBI who have contributed a combined total of $200 million. Evernorth aims to use its raised capital to actively engage in financial market activities, further increasing its XRP holdings. Brad Garlinghouse, CEO of Ripple, expressed confidence in Evernorth’s leadership and ability to take XRP’s presence in capital markets to new heights. Industry observers await regulatory approvals for this major transaction.