Ripple Labs is raising $1 billion to fill up a new crypto war chest with more XRP, even as most of the market is still wrecked from last week’s meltdown.
The company is creating what it calls a digital-asset treasury, or DAT, which will be stacked with XRP. The money will come through a SPAC deal, and Ripple also plans to put in some of its own XRP tokens, according to a report by Bloomberg.
This plan hasn’t been finalized yet.A few details, including Ripple’s full contribution and the structure of the fundraising, are still being discussed.
But the end goal is clear: Ripple wants to bulk up its XRP reserves fast and on its own terms, while the industry is still struggling to recover.
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