XRP has become the buzz of the crypto ecosystem after the world's largest XRP treasury firm, Evernorth, secured massive funding in South Korea to boost its XRP strategy.
Recent reports shared today show that the fast-growing XRP treasury firm has landed a massive $30 million convertible-note commitment from South Korean investment firm NH Investment & Securities.
Evernorth gets major boost
Notably, the report shows that the funding comes as part of Evernorth's ongoing merger process with the renowned special purpose acquisition company, SPAC.
More specifically, the funding aims to help Evernorth through the process of completing its planned merger with SPAC while also expanding its XRP position.
In addition to this, the funding also focuses on the longer-term goal of finalizing its listing on Nasdaq. As such, the successful completion of its merger with SPAC is expected to be the company's stepping stone to achieving its Nasdaq listing under the ticker XRPN.
$30 million to buy XRP
While the funding seeks to establish Evernorth's foothold in the XRP community while positioning it as a publicly listed XRP treasury management company, Evernorth will be boosting its XRP holdings with the funds.
Evernorth has revealed plans to use the full $30 million in funding to purchase spot XRP on the open market, adding more of the Ripple-associated token to its treasury ahead of its upcoming public-market launch.
Upon Evernorth's successful listing on Nasdaq, the company will be able to offer traditional investors exposure to an XRP-focused corporate treasury strategy through the stock market.