In its official press release, Evernorth said it selected the four partners for their institutional infrastructure, licensing, financial strength, and experience working with public companies and asset managers. The partnerships are expected to provide the support needed to manage $XRP investments with proper risk controls, reporting, and counterparty oversight.
The longer-term plan also includes DeFi. As the $XRP Ledger develops its native lending and on-chain credit features, Evernorth intends to explore opportunities directly on the network.
Commenting on the development, Evernorth’s founder and chief executive Asheesh Birla said,
“We’re putting our treasury to work. We are beginning with some of the strongest institutional counterparties in the industry, and as the $XRP Ledger’s own credit markets come online, we intend to be there with capital on day one. That is how we grow $XRP per share over time, and that is how we help the ecosystem grow with us.”
Hugo Jeandesboz, who became the company’s chief investment officer on September 28, has been tasked with leading the deployment program. He previously worked at Coinbase Asset Management as co-CIO, where he led its investment strategies for Solutions.
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No Reaction From XRPN or $XRP
XRPN had a rough Tuesday. The stock closed at $16.48, which is around 2.54% down from the day before.
The latest news had no effect on the price of $XRP either. The crypto asset remained unchanged over the past 24 hours. It was trading below $1.4 at the time of writing.
cryptopotato.com
