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Ripple co-founder Chris Larsen transferred 50 million XRP (approximately $124 million) from his personal cryptocurrency wallet today. According to on-chain data, the XRP in question was sent to an unknown wallet.
This transaction was linked to a press release released on the same day. Evernorth, a Nevada-based startup, announced its official launch today. The company, established to drive institutional adoption of XRP, has entered into a merger agreement with a SPAC called Armada Acquisition Corp II (Nasdaq: AACI). Following the merger, the new company will be traded on Nasdaq under the symbol “XRPN” under the name “Evernorth.”
According to the press release, the transaction aims to generate total gross proceeds exceeding $1 billion. The financing will involve participation from prominent investors such as SBI Group, Ripple, Rippleworks, Pantera Capital, Kraken, and GSR. Ripple co-founder Chris Larsen is also reportedly among the investors.
The majority of the proceeds will be used to build a corporate treasury by purchasing XRP on the open market. The remaining funds will reportedly be allocated to working capital, overhead, and transaction costs.
Following these developments, allegations emerged that Larsen’s 50 million XRP transfer was for the Evernorth investment. However, no official confirmation has been made by Larsen or Ripple.
*This is not investment advice.
