🚨 Big news: we’re going public.
We’ve entered into a business combination agreement with Armada Acquisition Corp II — a transaction expected to raise over $1B, creating the largest public XRP treasury company on the Nasdaq under “$XRPN.”
Learn more: https://t.co/MxamYqnatw
As CEO and Chair of the Board of Directors of Evernorth, I’m incredibly excited to get started. With this new role, I’ll be stepping down from Ripple’s Board of Directors.
Huge thank you to our investors, partners, and the team who made this vision a reality. Keep an eye out for our ticker “XRPN” on Nasdaq. 👀
This is it – the moment we’ve been waiting for. The SEC will drop its appeal – a resounding victory for Ripple, for crypto, every way you look at it.
The future is bright. Let's build.
I sold my first company to Ripple and the chairman is a mentor of mine + an investor in Omni.
Here is an insider look into Ripple, its origins, and where I believe it will go in the future.
First off, the most important thing to understand is not actually the business, but instead the founder (and now chairman) himself: Chris Larsen.
Companies take the form of those who build them, so who is this guy?
Since the 1990s he had been working on fintech companies — he took E-Loan public in 1999 which at one point employed hundreds of people and hit >$1B in market cap. After that he built another fintech company: Prosper, which raised over $70,000,000.
After nearly two decades spent building out those companies he moved on to create Ripple — these prior experiences in fintech very heavily influenced the early go to market strategy for Ripple + $XRP.
So what was Ripple’s initial strategy?
Basically they played the role of “the adults in the room.” Crypto as an industry is externally regarded with a lot of suspicion even today — now imagine how bad it must have been back in 2013 when they created $XRP. Due to this, they intentionally decoupled themselves from the existing anarchist / libertarian culture and presented a narrative that instead of replacing the financial system, they could use their blockchain to improve the existing system.
To further hammer in on this, their go to market strategy has always been driving adoption of $XRP by regular fintech companies + banks.
Ok, so what does Ripple actually do?
In a weird enough way, a lot of their go to market strategy today is very similar to projects in the Ethereum ecosystem, just with a totally different audience.
For example, recently it became public that Optimism gave a 25,000,000 $OP grant (over $60m today) to Kraken in order for them to use the OP Stack.
In many ways Ripple basically wrote this playbook — in 2019 for example they made a deal with MoneyGram (huge cross border payments company) where they could tap on $50,000,000 in exchange for equity, the catch was that had to integrate Ripple’s product which used $XRP for cross border settlement.
Every single thing that they build as a company is to drive adoption of $XRP.
Where will Ripple go in the future?
The number one thing to understand here is that they have a metric fuck ton of money. At the beginning of this year they spent $285m doing stock buybacks, and even after that they still hold over $1b in straight up cash, not to mention the unbelievable pile of $XRP they’re sitting on (at this point I think it exceeds $100b).
There is no doubt in my mind that they will use their brand and treasury to further entrench $XRP adoption throughout the existing financial system.
Another huge thing that I don’t think people are really factoring in here — Ripple is the only large scale U.S. based company to issue a token. Now put that together with the fact that Trump has proposed eliminating capital gains tax on U.S. made cryptocurrencies.
For 3 years now Ripple has faced serious headwinds for being based in the U.S. and you could even claim the SEC lawsuit caused them to miss the last bull run. Looking at the upcoming 4 years though, they actually might be one of the most well positioned to thrive in a pro-crypto America.
Obviously Ripple is a spicy topic, so I am more than happy to answer any questions in the replies that people might have.
Europe’s stablecoin market is taking off – very excited to have @SocieteGenerale -Forge’s MiCA-compliant stablecoin EURCV soon to be launched on the XRP Ledger. https://t.co/UyTPFhrqkA