Crypto firm Ripple is reportedly set to raise up to $1 billion to set up an XRP treasury firm. The firm is notably the largest XRP holder and plans to contribute some of its holdings to this proposed venture. 

Ripple To Raise $1 Billion For XRP Treasury

According to a Bloomberg report, Ripple is leading an effort to raise at least $1 billion to buy XRP. These coins will be held by a new digital-asset treasury firm, which will hold XRP as its primary reserve asset. Meanwhile, the crypto firm plans to raise this sum through a special purpose acquisition company (SPAC). 

The proposed XRP treasury firm by Ripple could become the largest in the U.S. if it raises up to $1 billion to buy XRP. Meanwhile, Bloomberg reported that Ripple also plans to contribute some of its own XRP to facilitate this move. The crypto firm is the largest XRP holder, holding over 40% of the token’s total supply, including its holdings in escrow. 

It is worth noting that XRP Ledger (XRPL) validator Vet revealed that Ripple sent $500 million in XRP to a new account. He said that the account is not escrowed and doesn’t have multi sig, which he claimed is surprising given the account value. This has led to speculation that the transfer may be related to the $1 billion treasury firm the crypto firm is looking to set up. 

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Author: Scott Matherson