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Blockchain company Ripple Labs is spearheading an initiative to raise at least $1 billion to create an XRP (CRYPTO: XRP)-focused cryptocurrency treasury, according to a report published on Thursday.
The funds will be raised through a special purpose acquisition company, Bloomberg reported, citing sources familiar with the matter.
The raised funds will be shifted to a newly established digital-asset treasury. Ripple Labs will also contribute some of its own XRP to the treasury, the report said.
Ripple didn’t immediately return Benzinga‘s request for comment.
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This is not the first time corporations have considered hoarding the $134 billion asset for their reserves.
In June, Singapore-based Trident Digital Tech Holdings Ltd. (NASDAQ:TDTH) announced plans to invest up to $500 million for an XRP treasury.
Similarly, Nature’s Miracle Holding Inc. (OTCQB:NMHI), a publicly listed vertical farming technology firm, announced plans in July to invest up to $20 million for an XRP treasury program.
This fundraising report coincides with the company’s $1 billion acquisition of GTreasury, a Chicago-based fintech firm specializing in providing treasury management solutions.
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Meanwhile, XRP is at the center of one of the largest institutional bets in cryptocurrency history, with as many as 13 exchange-traded filings awaiting SEC review.
WisdomTree, Grayscale, and Franklin Templeton, with combined assets under management exceeding $1.6 trillion, are leading the list.
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This article Ripple Labs Is Leading A $1 Billion Fundraise To Establish XRP-Centered Treasury: Report originally appeared on Benzinga.com
