At the Ripple Swell 2025 event in New York City, former Ripple executive Asheesh Birla unveiled his new venture, Evernorth, which aims to connect traditional finance with the decentralized economy. Evernorth is built on the XRP Ledger (XRPL) and seeks to simplify institutional investment in digital assets while adhering to compliance and risk management standards prevalent in mainstream finance. Following the event, Evernorth’s XRP holdings and commitments reportedly reached nearly $1 billion.
Birla reflected on his decade-long tenure at Ripple, emphasizing the company’s evolution from a modest startup to a prominent player in global payments. He stated, “We started this nine years ago, and it’s amazing to see how far Ripple and the XRP ecosystem have come.” This evolution, he noted, was largely due to Ripple’s collaborative approach with traditional financial institutions, which he believes has established a strong foundation for Evernorth’s future endeavors.
Evernorth: A New Approach to Digital Asset Management
Evernorth aims to offer a streamlined method for institutional investors to manage their exposure to XRP and other digital assets. The firm has structured itself as a digital asset treasury (DAT), which combines the accessibility of traditional exchange-traded funds (ETFs) with the innovative features of blockchain technology. Birla described the initiative as “a product that makes it as easy as adding a stock to your portfolio,” allowing investors to gain exposure to XRP and, eventually, decentralized finance (DeFi) while ensuring compliance with institutional-grade risk controls.
Initially, Evernorth plans to generate yield using traditional finance mechanisms before introducing DeFi-based products as the market develops. Birla’s vision is to foster seamless and compliant participation in the digital asset space, which he believes will facilitate broader adoption in the financial sector.
Regulatory Environment Fuels Growth
Birla highlighted the importance of regulatory clarity in shaping Evernorth’s strategy. He referenced the recent passage of the Genius Act, which provided essential regulations for stablecoins and subsequently spurred an 18% growth in the sector. “Regulation has become a catalyst,” he stated, noting that a new class of institutional investors has emerged as the United States establishes clearer guidelines for digital assets.
As the regulatory landscape evolves, institutional investors are increasingly recognizing XRP and similar blockchain assets as viable portfolio components. Birla’s emphasis on responsible innovation suggests that Evernorth is committed to building a sustainable bridge between traditional finance and DeFi, despite the inherent volatility of crypto assets.
“This isn’t a ‘move fast and break things’ approach,” he remarked. “We’re talking about finance. We need to move responsibly and build for the long term.”
Evernorth’s recent acquisition of an additional $214 million in XRP has brought its total holdings to over 473 million tokens, valued at nearly $1 billion. This acquisition included the purchase of 50 million XRP by Ripple’s affiliate and 211 million XRP by the Arrington Fund, signaling strong confidence from institutional investors in the XRP ecosystem, particularly as regulatory clarity and blockchain infrastructure continue to improve.
The momentum surrounding Evernorth’s strategy and its significant investment in XRP highlights a concerted effort to align institutional interests with the evolving landscape of digital assets. As the company prepares for its planned debut on NASDAQ, it is poised to play a pivotal role in shaping the future of institutional investment in digital finance.
