Key highlights:
- Evernorth has launched a Japanese account that would focus on local market updates and XRP ecosystem education
- The firm also plans to go public, trading under the ticker XRPN
- The firm’s last disclosure showed that they were holding about 470 million XRP, which equalled $1 billion at the time
The via X (automatically translated from Japanese)
This comes as the firm continues preparations for its planned Nasdaq listing. This could make it one of the top publicly traded firms building an XRP treasury. In its first message, the company emphasized Japan’s early support for XRP.
Evernorth targets one of XRP’s strongest markets
In the announcement, the firm said it had launched a Japanese account that would share local updates, market analysis, and educational content for users in the country.
The channel will also provide investors with professional information and market education instead of price predictions. SBI Holdings and Ripple established SBI Ripple Asia in 2016 to promote its blockchain-based payment services across Japan and other parts of Asia.
Over the past years, SBI has invested in XRP products, digital asset services, tokenization projects, among others. The firm has been an avid supporter of crypto-linked projects.
In fact, the firm and Startale Group launched a yen stablecoin, JPYSC, to challenge the dominance of dollar stablecoins in the country.
“JPYSC represents Japan’s first issuance of a trust-based stablecoin structure in which the reserve assets are managed by a trust bank,” SBI said in the release. “Unlike previously launched fund-transfer-type stablecoins, JPYSC is not subject to the 1 million yen transaction and balance limitations applicable to such instruments.”
Nasdaq listing plans continue to move forward
The Japanese expansion comes just as the company awaits approval for its Nasdaq listing in the United States.
The firm plans to go public through a merger with Armada Acquisition Corp. II. The shares would trade on the Nasdaq exchange under the ticker symbol XRPN. In March, the company publicly filed a registration statement with the US SEC as part of the proposed business combination.
The filings revealed that the move is backed by more than $1 billion in committed capital. It is also designed to support a much larger-scale XRP treasury.
Notably, the company has seen support from well-known names in the digital asset industry. The backers include Ripple, Pantera Capital, Kraken, Arrington Capital, and SBI Holdings. This suggests strong confidence in its propensity for growth.
To reiterate, the listing is not yet finalized. The SEC registration statement is still under review. Shareholders of Armada Acquisition Corp. II also have to approve the merger before it can proceed.
Source:: XRP News: $1B Treasury Firm Evernorth Expands In Japan Ahead of Nasdaq Debut