Evernorth Taps Ripple and Kraken to Manage 473 Million XRP Treasury

Chief investment officer Hugo Jeandesboz will spearhead the allocation strategy, drawing on his background at Coinbase Asset Management to manage liquidity and counterparty risk. The initial phase focuses on established institutional platforms, ensuring the treasury adheres to the reporting and control standards required for a publicly traded company.

Beyond traditional institutional partnerships, Evernorth plans to engage with decentralized finance protocols on the XRP Ledger. This expansion is contingent upon the ledger’s native lending and credit capabilities reaching validator approval and proven operational reliability. CEO Asheesh Birla emphasized that the strategy is designed to increase the number of tokens held per share, effectively putting the company’s massive treasury to work through both managed credit markets and on-chain participation. The project is supported by a robust financial foundation, including $300 million in cash proceeds from a recent merger and additional capital from convertible debt financing.