Ripple seeks to buy $1 billion XRP tokens for new treasury: Report
Ripple Labs is already a significant XRP holder, with its market report from earlier this year revealing it had 4.5 billion tokens in its stash, with another 37 billion locked in escrow.
Ripple Labs is reportedly on the cusp of launching a fundraising effort to purchase $1 billion worth of its XRP token to hold in a digital asset treasury, according to Bloomberg.
The fundraiser is being organized through a special purpose acquisition company or SPAC, Bloomberg reported on Friday, citing anonymous people with knowledge of the matter.
The digital asset treasury (DAT) will consist of the freshly bought XRP (XRP) and Ripple will also throw in some of its own stockpile, but the exact terms of the transaction are still being hashed out, and could change before the deal is inked, according to Bloomberg’s sources.
Read more
