Ripple CEO Brad Garlinghouse pointed to new options as XRP treasury company Evernoth Holdings Inc. (Nasdaq: XRPN) made its public market debut on October 14. He mentioned that the crypto token could be utilized more by implementing yield-generating strategies or introducing institutional investment products. His statement occurred as the company aims to provide investors with exposure to XRP via an active digital asset treasury.
Garlinghouse stated that Evernorth might eventually become a more than traditional investment strategy for cryptocurrencies through creating products that leverage blockchain features. It’s possible that these kinds of offerings will give investors other ways to invest in than just holding XRP for its price appreciation.
“The ability to leverage even some of the on-chain capabilities to leverage yield” could help build institutional products, he said. He also pointed to opportunities that can be both on-chain and off-chain.
Garlinghouse attributed the success of Ripple-backed Evernorth to its team of people placed together by its CEO, Asheesh Birla. He added that Birla’s leadership has the potential to provide differentiated investment strategies on XRP.
“You’re going to see some interesting leverage and yield opportunities,” Garlinghouse said. These products may contribute to XRP’s success, he added.
The Ripple co-founder also noted that he wanted to ensure that crypto investments are available to more people. He said that a publicly-listed investment vehicle might be able to connect with investors who are not able to participate directly in the digital asset market.
Garlinghouse also gave the reasons for the contribution of a large amount of XRP to Evernorth by Ripple. He said that the contribution was part of Ripple’s strategy to help build out blockchain ecosystems and their communities.
He remarked, “Ripple has since really its inception looked at, ‘How do we invest in the ecosystem?’ How can we help the community?
Garlinghouse then pointed out that Ripple’s investments are not restricted to XRP. The company believes in a multi-chain environment, while recognizing the XRP Ledger’s distinct capabilities.
Birla’s appointment as CEO of Evernorth has boosted Evernorth’s interest in Ripple, Garlinghouse said. He commended Birla for her foresight and knack for team building, even during his tenure at Ripple.
Evernorth just went public on the Nasdaq on Oct. 14, when it rings the Nasdaq closing bell at Nasdaq MarketSite in New York’s Times Square. Bhagmal and Birla conducted the ceremony.
The event was initiated after Evernorth’s business combination with Armada Acquisition Corp. II was completed on Oct. 9. The deal allowed the company to go public on the ticker XRPN.
Evernorth had an estimated 473 million XRP in its holdings at closing. It had accrued approximately $300 million in gross cash proceeds, excluding transaction costs.
The firm provides investors exposure to the XRP either through its public trading shares or via other investment strategies. Its performance will be influenced by its XRP reserves, treasury management, financing and operating results.
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