Ripple-backed Evernorth set to raise over $1 billion in US listing to hoard XRP token

(Reuters) -Evernorth, a new crypto venture backed by digital asset firm Ripple, said on Monday it will list on the Nasdaq through a merger with blank-check firm Armada Acquisition Corp II and is expected to raise more than $1 billion in proceeds. The digital asset treasury will focus on accumulating XRP, a token linked to Ripple and the fifth-largest cryptocurrency by market cap, according to data from CoinGecko. The move comes months after Wall Street's top regulator ended a high-profile crypto lawsuit, which accused Ripple of selling unregistered securities to institutional investors.