Ripple co-founder Chris Larsen today transferred 50 million XRP (approximately $124 million) from his personal cryptocurrency wallet. According to on-chain data, the XRP in question was sent to an unknown wallet.
The transaction is linked to a press release released on the same day. Nevada-based startup Evernorth today announced its official launch. The company, which was founded to promote institutional adoption of XRP, has entered into a merger agreement with a SPAC called Armada Acquisition Corp II (Nasdaq: AACI). After the merger, the new company will be called “Evernorth” and will trade on the Nasdaq under the symbol “XRPN.”
According to a press release, the deal is expected to generate total proceeds of more than $1 billion. Prominent investors such as SBI Group, Ripple, Ripple Works, Pantera Capital, Kraken, and GSR will participate in this financing. Ripple co-founder Chris Larsen is also reportedly among the investors.
The majority of the proceeds will be used to build the company’s finances by purchasing XRP on the open market. The remaining funds will reportedly be used for working capital, overhead and transaction costs.
These developments led to suspicions that Larsen’s 50 million XRP transfer was for an investment in Evernorth. However, no official confirmation has been made by Larsen or Ripple.
*This is not investment advice.
